Buttress Group Limited 01632071 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the supply of commercial catering equipment. Digita Accounts Production Advanced 6.30.9574.0 true true true true 01632071 2024-01-01 2024-12-31 01632071 2024-12-31 01632071 bus:Director1 2024-12-31 01632071 bus:Director2 2024-12-31 01632071 bus:Director3 2024-12-31 01632071 bus:Director4 2024-12-31 01632071 bus:OrdinaryShareClass1 2024-12-31 01632071 bus:OrdinaryShareClass2 2024-12-31 01632071 bus:Consolidated 2024-12-31 01632071 core:CapitalRedemptionReserve 2024-12-31 01632071 core:RetainedEarningsAccumulatedLosses 2024-12-31 01632071 core:ShareCapital 2024-12-31 01632071 core:SharePremium 2024-12-31 01632071 core:CurrentFinancialInstruments 2024-12-31 01632071 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01632071 core:Goodwill 2024-12-31 01632071 core:BetweenTwoFiveYears 2024-12-31 01632071 core:MoreThanFiveYears 2024-12-31 01632071 core:WithinOneYear 2024-12-31 01632071 core:FurnitureFittingsToolsEquipment 2024-12-31 01632071 core:DeferredTaxation 2024-12-31 01632071 core:OtherProvisionsContingentLiabilities 2024-12-31 01632071 bus:FRS102 2024-01-01 2024-12-31 01632071 bus:Audited 2024-01-01 2024-12-31 01632071 bus:FullAccounts 2024-01-01 2024-12-31 01632071 bus:RegisteredOffice 2024-01-01 2024-12-31 01632071 bus:Director1 2024-01-01 2024-12-31 01632071 bus:Director2 2024-01-01 2024-12-31 01632071 bus:Director3 2024-01-01 2024-12-31 01632071 bus:Director4 2024-01-01 2024-12-31 01632071 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 01632071 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 01632071 bus:Consolidated 2024-01-01 2024-12-31 01632071 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01632071 1 2024-01-01 2024-12-31 01632071 core:CapitalRedemptionReserve 2024-01-01 2024-12-31 01632071 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01632071 core:ShareCapital 2024-01-01 2024-12-31 01632071 core:SharePremium 2024-01-01 2024-12-31 01632071 core:Goodwill 2024-01-01 2024-12-31 01632071 core:LandBuildingsUnderOperatingLeases 2024-01-01 2024-12-31 01632071 core:FurnitureFittings 2024-01-01 2024-12-31 01632071 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 01632071 core:DeferredTaxation 2024-01-01 2024-12-31 01632071 core:OtherProvisionsContingentLiabilities 2024-01-01 2024-12-31 01632071 core:UKTax 2024-01-01 2024-12-31 01632071 countries:EnglandWales 2024-01-01 2024-12-31 01632071 2023-12-31 01632071 core:CapitalRedemptionReserve 2023-12-31 01632071 core:RetainedEarningsAccumulatedLosses 2023-12-31 01632071 core:ShareCapital 2023-12-31 01632071 core:SharePremium 2023-12-31 01632071 core:Goodwill 2023-12-31 01632071 core:FurnitureFittingsToolsEquipment 2023-12-31 01632071 core:DeferredTaxation 2023-12-31 01632071 core:OtherProvisionsContingentLiabilities 2023-12-31 01632071 2023-01-01 2023-12-31 01632071 2023-12-31 01632071 bus:OrdinaryShareClass1 2023-12-31 01632071 bus:OrdinaryShareClass2 2023-12-31 01632071 core:CurrentFinancialInstruments 2023-12-31 01632071 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01632071 core:BetweenTwoFiveYears 2023-12-31 01632071 core:MoreThanFiveYears 2023-12-31 01632071 core:WithinOneYear 2023-12-31 01632071 core:FurnitureFittingsToolsEquipment 2023-12-31 01632071 1 2023-01-01 2023-12-31 01632071 core:CapitalRedemptionReserve 2023-01-01 2023-12-31 01632071 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01632071 core:ShareCapital 2023-01-01 2023-12-31 01632071 core:SharePremium 2023-01-01 2023-12-31 01632071 core:LandBuildingsUnderOperatingLeases 2023-01-01 2023-12-31 01632071 core:UKTax 2023-01-01 2023-12-31 01632071 2022-12-31 01632071 core:CapitalRedemptionReserve 2022-12-31 01632071 core:RetainedEarningsAccumulatedLosses 2022-12-31 01632071 core:ShareCapital 2022-12-31 01632071 core:SharePremium 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01632071

Buttress Group Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Buttress Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 19

 

Buttress Group Limited

Company Information

Directors

L T Creighton

D J Orange

Registered office

Hillier Hopkins LLP First Floor
Radius House
51 Clarendon Road
Watford
United Kingdom
WD17 1HP

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Buttress Group 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 supply of commercial catering equipment.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £19,535,027 (2023 - £19,738,725) and an operating profit of £4,863,375 (2023 - £4,408,457). At 31 December 2024 the Company had net assets of £11,692,439 (2023 - £7,727,264). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Principal risks and uncertainties

Details of future developments, principal risks and uncertainties and key performance indicators are disclosed in the group financial statements of the company's ultimate parent company, Pluno Topco Limited.

Approved by the Board on 23 June 2025 and signed on its behalf by:


L T Creighton
Director

 

Buttress Group 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:

O Booth (resigned 22 May 2025)

L T Creighton (appointed 17 June 2024)

W E Williams (appointed 25 January 2024 and resigned 7 June 2024)

The following director was appointed after the year end:

D J Orange (appointed 22 May 2025)

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.

Appointment of auditors

Hazlewoods LLP were appointed to the company as auditors during the period and have expressed their willingness to continue in office.

Approved by the Board on 23 June 2025 and signed on its behalf by:


L T Creighton
Director

 

Buttress Group 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 UK Accounting Standards has 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. 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.

 

Buttress Group Limited

Independent Auditor's Report to the Members of Buttress Group Limited

Opinion

We have audited the financial statements of Buttress Group Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, 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.

 

Buttress Group Limited

Independent Auditor's Report to the Members of Buttress Group 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, 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 4, 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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Buttress Group Limited

Independent Auditor's Report to the Members of Buttress Group Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 this 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 Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

24 June 2025

 

Buttress Group Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

19,535,027

19,738,725

Cost of sales

 

(12,004,522)

(13,277,748)

Gross profit

 

7,530,505

6,460,977

Administrative expenses

 

(2,667,130)

(2,052,520)

Operating profit

4

4,863,375

4,408,457

Other interest receivable and similar income

5

13,573

-

Interest payable and similar expenses

6

-

(13,894)

   

13,573

(13,894)

Profit before tax

 

4,876,948

4,394,563

Tax on profit

9

(911,773)

(816,257)

Profit for the financial year

 

3,965,175

3,578,306

The above results were derived from continuing operations.

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

 

Buttress Group Limited

(Registration number: 01632071)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

-

-

Tangible assets

11

308,228

324,239

 

308,228

324,239

Current assets

 

Stocks

12

1,210,194

1,513,753

Debtors

13

13,128,104

9,984,815

Cash at bank and in hand

 

1,558,186

870,101

 

15,896,484

12,368,669

Creditors: Amounts falling due within one year

15

(3,608,663)

(3,894,825)

Net current assets

 

12,287,821

8,473,844

Total assets less current liabilities

 

12,596,049

8,798,083

Provisions for liabilities

17

(903,610)

(1,070,819)

Net assets

 

11,692,439

7,727,264

Capital and reserves

 

Called up share capital

19

1,176

1,176

Share premium reserve

82,762

82,762

Capital redemption reserve

62

62

Retained earnings

11,608,439

7,643,264

Shareholders' funds

 

11,692,439

7,727,264

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 


L T Creighton
Director

 

Buttress Group Limited

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

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2024

1,176

82,762

62

7,643,264

7,727,264

Profit for the year

-

-

-

3,965,175

3,965,175

At 31 December 2024

1,176

82,762

62

11,608,439

11,692,439

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

1,176

82,762

62

4,064,958

4,148,958

Profit for the year

-

-

-

3,578,306

3,578,306

At 31 December 2023

1,176

82,762

62

7,643,264

7,727,264

 

Buttress Group 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 and Wales.

The address of its registered office is:
Hillier Hopkins LLP First Floor
Radius House
51 Clarendon Road
Watford
United Kingdom
WD17 1HP

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Pluno Topco Limited.

The financial statements of Pluno Topco Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the Company has transferred the significant risks and rewards of ownership to the buyer

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

the amount of revenue can be measured reliably

it is probable that the company will receive the consideration due under the transaction; and

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Buttress Group Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

5-20 years straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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

Goodwill

10% straight line

 

Buttress Group Limited

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

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

 

Buttress Group 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


Classification
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 on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Buttress Group Limited

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

 

3

Turnover

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

44,020

19,518

Exceptional costs

75,453

26,279

Foreign exchange gains

(665,986)

(500,359)

Operating lease expense - property

105,093

126,092

 

5

Other interest receivable and similar income

2024
£

2023
£

Other interest income

13,573

-

 

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

13,894

 

7

Staff costs

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

2024
£

2023
£

Wages and salaries

1,046,042

890,138

Social security costs

118,676

98,263

Pension costs, defined contribution scheme

25,025

17,853

1,189,743

1,006,254

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

2024
No.

2023
No.

Average number of employees

28

24

 

Buttress Group Limited

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

 

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

25,000

14,776

Other fees to auditors

All other non-audit services

4,250

-


 

 

9

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

905,500

767,844

Deferred taxation

Arising from origination and reversal of timing differences

6,273

48,413

Tax expense in the income statement

911,773

816,257

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

4,876,948

4,394,563

Corporation tax at standard rate

1,219,237

1,032,722

Fixed assets ineligible for depreciation

192

(42,826)

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

3,795

2,602

Tax decrease arising from group relief

(323,547)

(224,137)

Movement in deferred tax not recognised

12,096

-

Changes in provisions leading to an decrease in the tax charge

-

(517)

Further item of tax increase

-

48,413

Total tax charge

911,773

816,257

 

Buttress Group Limited

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

 

10

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024 and at 31 December 2024

165,089

165,089

Amortisation

At 1 January 2024 and at 31 December 2024

165,089

165,089

Carrying amount

At 1 January 2024 and at 31 December 2024

-

-

 

11

Tangible assets

Fixtures & Fittings
£

Cost or valuation

At 1 January 2024

600,017

Additions

27,415

At 31 December 2024

627,432

Depreciation

At 1 January 2024

275,183

Charge for the year

44,021

At 31 December 2024

319,204

Carrying amount

At 31 December 2024

308,228

At 31 December 2023

324,239

 

12

Stocks

2024
£

2023
£

Raw materials and consumables

1,210,194

1,513,753

 

13

Debtors

Note

2024
£

2023
£

Trade debtors

 

2,635,498

2,449,208

Amounts owed by group undertakings

10,222,379

6,819,200

Other debtors

 

-

422,751

Prepayments

 

270,227

293,656

 

13,128,104

9,984,815

 

Buttress Group Limited

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

 

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

954

1,592

Cash at bank

1,557,232

868,509

1,558,186

870,101

Bank overdrafts

-

(1,430)

Cash and cash equivalents

1,558,186

868,671

 

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

-

1,430

Trade creditors

 

2,169,721

2,313,625

Amounts due to related parties

-

339,951

Social security and other taxes

 

382,412

377,026

Outstanding defined contribution pension costs

 

15,143

1,754

Other payables

 

30,397

43,073

Accruals

 

862,937

817,966

Corporation tax liability

9

148,053

-

 

3,608,663

3,894,825

 

16

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

1,430

 

17

Deferred tax and other provisions

Deferred tax
£

Warranty provisions
£

Total
£

At 1 January 2024

65,523

1,005,296

1,070,819

Origination and reversal of timing differences

6,273

-

6,273

Increase (decrease) in existing provisions

-

1,015,338

1,015,338

Provisions used

-

(1,188,820)

(1,188,820)

At 31 December 2024

71,796

831,814

903,610

 

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 £25,025 (2023 - £17,853).

Contributions totalling £15,143 (2023 - £1,754) were payable to the scheme at the end of the year and are included in creditors.

 

Buttress Group Limited

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

 

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

176

176

176

176

'A' Ordinary shares of £1 each

1,000

1,000

1,000

1,000

1,176

1,176

1,176

1,176

 

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

184,740

201,216

Later than one year and not later than five years

762,182

738,298

Later than five years

-

493,000

946,922

1,432,514

 

21

Commitments

The company has given a cross guarantee in respect of the bank borrowings of fellow subsidiary undertakings. This guarantee is supported by a fixed and floating charge over the assets and undertakings of the company and a right of set off between the respective companies' debit and credit balances.

 

22

Controlling party

The company's immediate parent is Buttress Holdings Limited, incorporated in England & Wales.

The most senior parent entity producing publicly available financial statements in Pluno Topco Limited. These financial statements are available upon request from Companies House.