IRIS Accounts Production v25.2.0.378 00731549 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007315492023-12-31007315492024-12-31007315492024-01-012024-12-31007315492022-12-31007315492023-01-012023-12-31007315492023-12-3100731549ns15:EnglandWales2024-01-012024-12-3100731549ns14:PoundSterling2024-01-012024-12-3100731549ns10:Director12024-01-012024-12-3100731549ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3100731549ns10:MediumEntities2024-01-012024-12-3100731549ns10:Audited2024-01-012024-12-3100731549ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3100731549ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3100731549ns10:FullAccounts2024-01-012024-12-3100731549ns10:Director22024-01-012024-12-3100731549ns10:Director32024-01-012024-12-3100731549ns10:CompanySecretary12024-01-012024-12-3100731549ns10:RegisteredOffice2024-01-012024-12-310073154912024-01-012024-12-310073154912023-01-012023-12-3100731549ns5:CurrentFinancialInstruments2024-12-3100731549ns5:CurrentFinancialInstruments2023-12-3100731549ns5:Non-currentFinancialInstruments2024-12-3100731549ns5:Non-currentFinancialInstruments2023-12-3100731549ns5:ShareCapital2024-12-3100731549ns5:ShareCapital2023-12-3100731549ns5:RevaluationReserve2024-12-3100731549ns5:RevaluationReserve2023-12-3100731549ns5:CapitalRedemptionReserve2024-12-3100731549ns5:CapitalRedemptionReserve2023-12-3100731549ns5:RetainedEarningsAccumulatedLosses2024-12-3100731549ns5:RetainedEarningsAccumulatedLosses2023-12-3100731549ns5:ShareCapital2022-12-3100731549ns5:RetainedEarningsAccumulatedLosses2022-12-3100731549ns5:RevaluationReserve2022-12-3100731549ns5:CapitalRedemptionReserve2022-12-3100731549ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100731549ns5:RevaluationReserve2023-01-012023-12-3100731549ns5:CapitalRedemptionReserve2023-01-012023-12-3100731549ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3100731549ns5:RevaluationReserve2024-01-012024-12-3100731549ns5:CapitalRedemptionReserve2024-01-012024-12-3100731549ns15:UnitedKingdom2024-01-012024-12-3100731549ns15:UnitedKingdom2023-01-012023-12-3100731549ns15:Europe2024-01-012024-12-3100731549ns15:Europe2023-01-012023-12-3100731549ns15:Asia2024-01-012024-12-3100731549ns15:Asia2023-01-012023-12-3100731549ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2024-01-012024-12-3100731549ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3100731549ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-3100731549ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3100731549ns5:OwnedAssets2024-01-012024-12-3100731549ns5:OwnedAssets2023-01-012023-12-3100731549ns5:LeasedAssets2024-01-012024-12-3100731549ns5:LeasedAssets2023-01-012023-12-3100731549ns5:HirePurchaseContracts2024-01-012024-12-3100731549ns5:HirePurchaseContracts2023-01-012023-12-3100731549ns5:LandBuildings2023-12-3100731549ns5:PlantMachinery2023-12-3100731549ns5:LandBuildings2024-01-012024-12-3100731549ns5:PlantMachinery2024-01-012024-12-3100731549ns5:LandBuildings2024-12-3100731549ns5:PlantMachinery2024-12-3100731549ns5:LandBuildings2023-12-3100731549ns5:PlantMachinery2023-12-3100731549ns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3100731549ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3100731549ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3100731549ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-3100731549ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3100731549ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-3100731549ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3100731549ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3100731549ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3100731549ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3100731549ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3100731549ns5:HirePurchaseContracts2024-12-3100731549ns5:HirePurchaseContracts2023-12-3100731549ns5:WithinOneYear2024-12-3100731549ns5:WithinOneYear2023-12-3100731549ns5:BetweenOneFiveYears2024-12-3100731549ns5:BetweenOneFiveYears2023-12-3100731549ns5:AllPeriods2024-12-3100731549ns5:AllPeriods2023-12-3100731549ns5:Secured2024-12-3100731549ns5:Secured2023-12-3100731549ns5:DeferredTaxation2023-12-3100731549ns5:DeferredTaxation2024-01-012024-12-3100731549ns5:DeferredTaxation2024-12-3100731549ns5:RetainedEarningsAccumulatedLosses2023-12-3100731549ns5:RevaluationReserve2023-12-3100731549ns5:CapitalRedemptionReserve2023-12-31
REGISTERED NUMBER: 00731549 (England and Wales)















GUTTRIDGE LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13 to 23


GUTTRIDGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: C Chen
M D Mittasch
S P Spratt



SECRETARY: S P Spratt



REGISTERED OFFICE: Wardentree Park
Pinchbeck
Spalding
Lincolnshire
PE11 3UU



REGISTERED NUMBER: 00731549 (England and Wales)



SENIOR STATUTORY AUDITOR: Sally-Anne Hurn FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

REVIEW OF BUSINESS
Difficult trading conditions and continued market uncertainty in 2024 resulted in a reduction in revenue, profitability and shareholder's funds. However, the company continued to invest heavily in people, equipment, infrastructure and systems, continuing the direction of prior years. There was no material change in mix between domestic and international sales and our aim of supporting a variety of customers, in targeted geographic and vertical markets, was sustained. The company continues to trade on the strengths of its technical capability, employee skills, capability and knowledge.

PRINCIPAL RISKS AND UNCERTAINTIES
Guttridge Limited operates in a variety of markets and manages the risks inherent in its activities. The company seeks to mitigate exposure to all forms of risk, both internal and external, where practical through delegated authority management, cross functional contract review, the use of common visual metrics and employee development. Where practical, risk is transferred to insurers if deemed cost effective.

External risks include political and economic conditions, actions of global competitors, the effect of legislation or other regulatory action, foreign exchange, raw material prices and the impact of conflicts in Ukraine and Gaza and global political uncertainty over trade tariffs.

Internal risks include investment in new products and technologies, controls failure, warranty and inability to supply on time.

FUTURE DEVELOPMENTS
Guttridge Limited will continue to pursue its core activities and seek new business opportunities in both the UK and overseas. We are committed to investing in the development of existing employees and continue to bring in skilled and capable people to support the business expansion. Our on-going investment into bulk solids handling capability, internally and with external research institutions, continues.

KEY PERFORMANCE INDICATORS
The key performance indicators are sales, profit and cash generation which are closely monitored throughout the year and measured and managed against pre-set targets.

ON BEHALF OF THE BOARD:





S P Spratt - Director


19 May 2025

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design and manufacture of materials handling machinery for the Animal feed, Cereals, Pet Foods, Chemicals, Biomass, Recycling, Minerals, Food and Pharmaceutical industries and subcontract sheet metal fabrication work.

DIVIDENDS
During the year, no interim dividends were paid.

The directors recommend that no final dividend be paid. The total distribution of dividends for the year ended 31 December 2024 is therefore nil (2023 - £707,453).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

C Chen
M D Mittasch
S P Spratt

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S P Spratt - Director


19 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GUTTRIDGE LIMITED

Opinion
We have audited the financial statements of Guttridge Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 loss 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 Auditors' 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GUTTRIDGE LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as valuation of stock and warranty provisions, as well as the risk of inappropriate journal entries to manipulate profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive testing on accounting estimates, including reviewing the method used by management to make those estimates, re-performing the calculation, and reviewing the outcome post year-end.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management, and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GUTTRIDGE LIMITED


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 a Report of the Auditors 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.




Sally-Anne Hurn FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

19 May 2025

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 12,333,846 15,157,065

Cost of sales 8,582,860 10,632,200
GROSS PROFIT 3,750,986 4,524,865

Administrative expenses 4,020,552 3,707,187
(269,566 ) 817,678

Other operating income - 2,090
OPERATING (LOSS)/PROFIT 5 (269,566 ) 819,768

Interest receivable and similar income 5,866 14,451
(263,700 ) 834,219

Interest payable and similar expenses 6 186,587 117,967
(LOSS)/PROFIT BEFORE TAXATION (450,287 ) 716,252

Tax on (loss)/profit 7 (166,935 ) 154,233
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (283,352 ) 562,019

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (283,352 ) 562,019


OTHER COMPREHENSIVE INCOME
Revaluation of land and buildings 121,710 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

121,710

-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (161,642 ) 562,019

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 4,941,481 3,851,234

CURRENT ASSETS
Stocks 10 2,139,479 1,345,837
Debtors 11 2,498,210 3,194,464
Cash at bank and in hand 181,579 489,987
4,819,268 5,030,288
CREDITORS
Amounts falling due within one year 12 3,665,445 2,770,949
NET CURRENT ASSETS 1,153,823 2,259,339
TOTAL ASSETS LESS CURRENT LIABILITIES 6,095,304 6,110,573

CREDITORS
Amounts falling due after more than one year 13 (2,099,705 ) (1,841,000 )

PROVISIONS FOR LIABILITIES 18 (160,736 ) (273,068 )
NET ASSETS 3,834,863 3,996,505

CAPITAL AND RESERVES
Called up share capital 19 9,822 9,822
Revaluation reserve 20 1,413,772 1,292,062
Capital redemption reserve 20 3,078 3,078
Retained earnings 20 2,408,191 2,691,543
SHAREHOLDERS' FUNDS 3,834,863 3,996,505

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:





S P Spratt - Director


GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2023 9,822 2,836,977 1,292,062 3,078 4,141,939

Changes in equity
Dividends - (707,453 ) - - (707,453 )
Total comprehensive income - 562,019 - - 562,019
Balance at 31 December 2023 9,822 2,691,543 1,292,062 3,078 3,996,505

Changes in equity
Total comprehensive income - (283,352 ) 121,710 - (161,642 )
Balance at 31 December 2024 9,822 2,408,191 1,413,772 3,078 3,834,863

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 774,476 978,837
Interest paid (109,803 ) (113,257 )
Interest element of hire purchase payments paid (76,784 ) (4,710 )
Tax paid (43,649 ) (23,424 )
Net cash from operating activities 544,240 837,446

Cash flows from investing activities
Purchase of tangible fixed assets (463,999 ) (164,953 )
Sale of tangible fixed assets 44,000 18,500
Interest received 5,866 14,451
Net cash from investing activities (414,133 ) (132,002 )

Cash flows from financing activities
Loan repayments in year (151,615 ) (149,577 )
Capital repayments in year (286,900 ) (11,760 )
Equity dividends paid - (707,453 )
Net cash from financing activities (438,515 ) (868,790 )

Decrease in cash and cash equivalents (308,408 ) (163,346 )
Cash and cash equivalents at beginning of year 2 489,987 653,333

Cash and cash equivalents at end of year 2 181,579 489,987

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (450,287 ) 716,252
Depreciation charges 309,304 281,007
Loss on disposal of fixed assets 758 389
Government grants - (2,090 )
Finance costs 186,587 117,967
Finance income (5,866 ) (14,451 )
40,496 1,099,074
(Increase)/decrease in stocks (793,642 ) 560,668
Decrease in trade and other debtors 750,858 577,198
Increase/(decrease) in trade and other creditors 776,764 (1,258,103 )
Cash generated from operations 774,476 978,837

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 181,579 489,987
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 489,987 653,333


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.24 Cash flow changes At 31.12.24
£    £    £    £   
Net cash
Cash at bank
and in hand 489,987 (308,408 ) 181,579
489,987 (308,408 ) 181,579
Debt
Finance leases (625,415 ) 286,900 (858,600 ) (1,197,115 )
Debts falling due
within 1 year (153,402 ) 104,588 (160,912 ) (209,726 )
Debts falling due
after 1 year (1,377,702 ) 47,026 160,912 (1,169,764 )
(2,156,519 ) 438,514 (858,600 ) (2,576,605 )
Total (1,666,532 ) 130,106 (858,600 ) (2,395,026 )

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Guttridge Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Stock - Work in progress

Work in progress includes estimates in respect of labour and overhead costs. This is sensitive to changes in assumptions in relation to applicable overheads and production hours. The calculation of work in progress is consistently applied and reviewed for appropriateness.

(ii) Warranty provisions

Expected warranty claims is a subjective area and fluctuates year on year. This involves managements judgement in respect of known conditions and average claim rate in order to apply an appropriate provision.

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Turnover
Sales are recognised when control of goods has transferred to its customer, being when the products are delivered to the customer and there is no unfulfilled obligation that could affect the customer's acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied.

Revenue from sale of goods in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are made with a credit term of 30 to 90 days, which is consistent with market practice.

A receivable (financial asset) is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.

Revenue from the rendering of services and construction contracts is recognised based on the stage of completion of the contracted activity over the course of the contract. Stage of completion is estimated based on agreed trigger points with the customer.

Tangible fixed assets
Freehold land and buildings are initially recognised at cost. Freehold land and buildings are subsequently carried at the revalued amount less accumulated impairment losses. As the residual value is deemed to be equal to the revalued amount no depreciation is currently being provided on this class of assets.

All other items of plant and machinery are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Freehold land and buildingsDepreciation not provided.
Plant and machinery 25% on written down value & 12.5%, 20% & 50% on cost

Any aggregate surplus or temporary deficit arising from a change in valuation is transferred to a revaluation reserve. Any impairments are written off to the income statement.

The part of the annual depreciation charge on revalued assets which relates to the surplus is transferred from the revaluation reserve to retained earnings.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value including an element of profit recognised to the stage of completion at the year end.

Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

Contracted work in progress stocks are recognised based on stage of completion with the appropriate levels of contract revenue and contract costs recognised in the profit and loss account for the period. The balancing cost figure is then included in stock. Work performed to date is valued using the percentage of completion method as prescribed under FRS 102.

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership ('finance leases'), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account in proportion to the remaining balance outstanding.

Assets obtained under hire purchase contracts are capitalised in the statement of financial position and depreciated over their estimated useful lives The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 10,494,876 14,199,492
Europe 498,877 396,851
Asia 1,318,879 414,808
Africa - 13,729
North America 21,214 132,021
Oceania - 164
12,333,846 15,157,065

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,620,884 3,650,805
Social security costs 378,414 388,178
Other pension costs 146,647 117,751
4,145,945 4,156,734

The average number of employees during the year was as follows:
2024 2023

Production staff 46 49
Sales and technical 37 35
Administration 11 9
94 93

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 184,441 145,530
Directors' pension contributions to money purchase schemes 10,440 6,832

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 16,133 16,299
Other operating leases 29,700 450
Depreciation - owned assets 176,564 269,266
Depreciation - assets on hire purchase contracts 132,740 11,741
Loss on disposal of fixed assets 758 389
Auditors' remuneration 9,000 14,400
Auditors' remuneration for non audit work 6,000 9,184
Foreign exchange differences 6,760 (4,809 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest paid 109,803 113,257
Hire purchase interest paid 76,784 4,710
186,587 117,967

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 43,649
Over provision in prior year (54,603 ) (7,303 )
Total current tax (54,603 ) 36,346

Deferred tax (112,332 ) 117,887
Tax on (loss)/profit (166,935 ) 154,233

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (450,287 ) 716,252
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

(112,572

)

179,063

Effects of:
Expenses not deductible for tax purposes 240 1,251
Adjustments to tax charge in respect of previous periods (54,603 ) (9,815 )
research and development
Super deduction - (12,790 )
Impact of change in tax rate - (3,476 )

Total tax (credit)/charge (166,935 ) 154,233

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of land and buildings 121,710 - 121,710

2023
Gross Tax Net
£    £    £   
Revaluation of land and buildings

8. DIVIDENDS
2024 2023
£    £   
Ordinary 'A' shares of £1 each
Interim - 707,453

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 2,450,000 3,531,724 5,981,724
Additions 18,290 1,304,309 1,322,599
Disposals - (786,440 ) (786,440 )
Revaluations 121,710 - 121,710
At 31 December 2024 2,590,000 4,049,593 6,639,593
DEPRECIATION
At 1 January 2024 - 2,130,490 2,130,490
Charge for year - 309,304 309,304
Eliminated on disposal - (741,682 ) (741,682 )
At 31 December 2024 - 1,698,112 1,698,112
NET BOOK VALUE
At 31 December 2024 2,590,000 2,351,481 4,941,481
At 31 December 2023 2,450,000 1,401,234 3,851,234

Cost or valuation at 31 December 2024 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2024 2,590,000 - 2,590,000
Cost - 4,049,593 4,049,593
2,590,000 4,049,593 6,639,593

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,895,407 1,895,407
Aggregate depreciation 737,469 737,469

Value of land in freehold land and buildings 1,157,938 1,157,938

Freehold land and buildings were valued on an open market basis on 23 January 2025 by Anderson Wilde & Harris .

The directors have considered the value of other freehold property at 31 December 2024 and do not consider the fair value to be materially different to the above valuations.

The net book value of tangible fixed assets includes £1,443,555 (2023 - £626,754) in respect of assets held under hire purchase contracts.

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. STOCKS
2024 2023
£    £   
Raw materials and consumables 1,309,279 968,476
Work-in-progress 708,358 286,521
Finished goods and goods for resale 121,842 90,840
2,139,479 1,345,837

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,690,546 2,198,605
Amounts owed by group undertakings 353,736 54,269
Other debtors 58,907 525,013
Tax 54,603 -
Prepayments and accrued income 340,418 416,577
2,498,210 3,194,464

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 209,726 153,402
Hire purchase contracts (see note 15) 267,174 162,117
Trade creditors 2,430,715 1,537,965
Amounts owed to group undertakings 25,685 15,960
Taxation - 43,649
Other taxes and social security 103,321 207,130
Other creditors 20,293 18,217
Accruals and deferred income 608,531 632,509
3,665,445 2,770,949

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) 1,169,764 1,377,702
Hire purchase contracts (see note 15) 929,941 463,298
2,099,705 1,841,000

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 209,726 153,402

Amounts falling due between one and two years:
Bank loans - 1-2 years 183,841 1,317,106

Amounts falling due between two and five years:
Bank loans - 2-5 years 985,923 60,596

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

14. LOANS - continued

The Barclays loan facility was renewed and extended in March 2025 for a 5 year term.
The effective interest rate of bank loans in aggregate during the year ending 31 December 2024 was 7.55% (2023: 7.05%)..

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 267,174 162,117
Between one and five years 929,941 463,298
1,197,115 625,415

Non-cancellable
operating leases
2024 2023
£    £   
Within one year 30,938 26,632
Between one and five years 103,061 100,556
133,999 127,188

Additionally, the business has entered a 15 year contractual agreement from 20th August 2024 to allow solar panels to be installed on its land in return for discounted energy costs. There are no regular payments due in respect of this agreement.

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,379,490 1,531,104
Hire purchase contracts 1,197,115 625,415
2,576,605 2,156,519

The bank facilities are secured by a charge on the company's freehold land and buildings. There is a debenture in favour of Barclays Bank plc dated 14th August 1991 in respect of all monies with a fixed and floating charge.

Amounts due under hire purchase contracts are secured on the asset to which they relate.

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

17. FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,690,546 2,198,605
Financial liabilities measured at amortised cost
Bank loans and overdrafts 1,379,490 1,531,104
Trade creditors 2,430,715 1,537,965
Hire purchase contracts 1,197,115 625,415

There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 509,964 273,068
Losses (349,228 ) -
160,736 273,068

Deferred
tax
£   
Balance at 1 January 2024 273,068
Credit to Income Statement during year (112,332 )
Balance at 31 December 2024 160,736

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number:Class:Nominal20222021
value:£1£1
9,822Ordinary£19,8229,822
9,8229,822

GUTTRIDGE LIMITED (REGISTERED NUMBER: 00731549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

20. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2024 2,691,543 1,292,062 3,078 3,986,683
Deficit for the year (283,352 ) - - (283,352 )
Revaluation of freehold land and
buildings

-

121,710

-

121,710

At 31 December 2024 2,408,191 1,413,772 3,078 3,825,041

Revaluation Reserve

The Revaluation Reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Capital Redemption Reserve

The Capital Redemption Reserve represents the amounts accumulated following the redemption of the company's own shares

21. ULTIMATE PARENT COMPANY

The ultimate parent undertaking and controlling party is Mitchell's Holdings (Asia) Pte. Ltd., a company registered in Singapore. Copies of Mitchell's Holdings (Asia) Pte. Ltd. consolidated financial statements can be obtained from 190 Middle Road, #19-05, Fortune Centre, Singapore 188979.

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 858,600

23. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 580,861 (2023 - £ 552,243 ) was paid.