REGISTERED NUMBER: 03379229 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

G L PROFILES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

R Smith

M A Smith

E Gregory

SECRETARY:

A Smith

REGISTERED OFFICE:

Tudor Rose Ind. Estate

Dock Road

Chatteris

Cambridgeshire

PE16 6TY

REGISTERED NUMBER:

03379229 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

BANKERS:

National Westminster Bank

1st Floor, Conqueror House

Vision Park

Histon

Cambridge

CB24 9NL

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

The company has produced a satisfactory financial performance. Total turnover on continuing operations decreased by £1,190,940 (11%) to £9,529,419. Gross Margins increased by 4.9% to 34.4%. Net profit before tax was £884,628 representing a net margin of 9.3% on sales, an increase of 0.1% on 2023 performance.

Cash flow generated from operations remains strong and the company continued with its policy of investment in machinery and personnel and in the course of the year spent £657,826 on capital expenditure.

Total capital and reserves at the year-end increased by £529,480 to £5,957,313.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a very competitive environment, focused on timely and efficient service, quality and price and is proven to be able to excel in it.

Supply chain issues and regular price increases continued to be the norm, but the company was able to use its good reputation and excellent payment record with customers and suppliers to ensure it was top of the list when it came to supply decisions. The company has significant availability of cash which will enable it to deal with any further issues such as these. The company will continue to invest in new machinery, and staff development throughout 2025 to ensure that it is able to continue to prosper.

SIGNED BY ORDER OF THE DIRECTORS:

R Smith - Director

8 September 2025

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 manufacture of flashings and gutters for the construction industry.

DIVIDENDS

An interim dividend of £6000 per share was paid on 24 January 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 120,000 .

DIRECTORS

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

R Smith

M A Smith

E Gregory

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:

R Smith - Director

8 September 2025

Opinion

We have audited the financial statements of G L Profiles Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 qualified opinion on financial statements

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.

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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

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.

Andrew Clifford (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

18 September 2025

TURNOVER

3

9,529,419

10,720,359

Cost of sales

6,252,165

7,554,699

GROSS PROFIT

3,277,254

3,165,660

Distribution costs

46,540

48,155

Administrative expenses

2,361,353

2,157,721

2,407,893

2,205,876

869,361

959,784

Other operating income

6,615

9,109

OPERATING PROFIT

5

875,976

968,893

Interest receivable and similar income

8,652

12,562

PROFIT BEFORE TAXATION

884,628

981,455

Tax on profit

6

235,148

220,780

PROFIT FOR THE FINANCIAL YEAR

649,480

760,675

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

649,480

760,675

FIXED ASSETS

Tangible assets

8

1,469,212

1,292,355

CURRENT ASSETS

Stocks

9

3,057,252

3,823,212

Debtors

10

1,720,842

1,705,611

Cash at bank

946,586

1,056,539

5,724,680

6,585,362

CREDITORS

Amounts falling due within one year

11

973,715

2,215,732

NET CURRENT ASSETS

4,750,965

4,369,630

TOTAL ASSETS LESS CURRENT LIABILITIES

6,220,177

5,661,985

PROVISIONS FOR LIABILITIES

13

262,864

234,152

NET ASSETS

5,957,313

5,427,833

CAPITAL AND RESERVES

Called up share capital

14

20

20

Capital redemption reserve

15

80

80

Retained earnings

15

5,957,213

5,427,733

SHAREHOLDERS' FUNDS

5,957,313

5,427,833

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

R Smith - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

20

4,667,058

80

4,667,158

Changes in equity

Total comprehensive income

-

760,675

-

760,675

Balance at 31 December 2023

20

5,427,733

80

5,427,833

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

649,480

-

649,480

Balance at 31 December 2024

20

5,957,213

80

5,957,313

Cash flows from operating activities

Cash generated from operations

1

791,807

1,094,546

Tax paid

(231,910

)

(189,937

)

Net cash from operating activities

559,897

904,609

Cash flows from investing activities

Purchase of tangible fixed assets

(657,826

)

(375,141

)

Sale of tangible fixed assets

99,324

-

Interest received

8,652

12,562

Net cash from investing activities

(549,850

)

(362,579

)

Cash flows from financing activities

Equity dividends paid

(120,000

)

-

Net cash from financing activities

(120,000

)

-

(Decrease)/increase in cash and cash equivalents

(109,953

)

542,030

Cash and cash equivalents at beginning of year

2

1,056,539

514,509

Cash and cash equivalents at end of year

2

946,586

1,056,539

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

884,628

981,455

Depreciation charges

391,901

319,997

Profit on disposal of fixed assets

(10,256

)

-

Finance income

(8,652

)

(12,562

)

1,257,621

1,288,890

Decrease/(increase) in stocks

765,960

(814,263

)

(Increase)/decrease in trade and other debtors

(15,231

)

66,477

(Decrease)/increase in trade and other creditors

(1,216,543

)

553,442

Cash generated from operations

791,807

1,094,546

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

946,586

1,056,539

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,056,539

514,509

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

1,056,539

(109,953

)

946,586

1,056,539

(109,953

)

946,586

Total

1,056,539

(109,953

)

946,586

1.	STATUTORY INFORMATION

G L Profiles 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.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Sale of goods

9,529,419

10,720,359

9,529,419

10,720,359

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,238,420

1,247,938

Social security costs

151,563

136,386

Other pension costs

243,613

223,717

1,633,596

1,608,041

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

2024

2023

Administration

10

6

Drivers and production

22

25

32

31

2024

2023

£

£

Directors' remuneration

198,691

302,691

Directors' pension contributions to money purchase schemes

105,514

109,800

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

Money purchase schemes

3

3

The directors make up the key management of the company.

5.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

13,818

44,412

Other operating leases

243,912

232,968

Depreciation - owned assets

391,901

319,997

Profit on disposal of fixed assets

(10,256

)

-

Auditors' remuneration

5,405

5,145

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

206,436

231,910

Over/under provision in prior

year

-

(19,769

)

Total current tax

206,436

212,141

Deferred tax

28,712

8,639

Tax on profit

235,148

220,780

UK corporation tax has been charged at 25% (2023 - 23.52%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

884,628

981,455

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

221,157

230,848

Effects of:

Expenses not deductible for tax purposes

3,085

1,932

Deferred tax rate change

-

511

R&D refund

-

(19,769

)

Super deduction

-

(121

)

Depreciation on non-qualifying assets

10,906

7,379

Total tax charge

235,148

220,780

7.

DIVIDENDS

2024

2023

£

£

Interim

120,000

-

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

740,817

1,830,666

162,694

651,672

3,385,849

Additions

830

281,300

8,219

367,477

657,826

Disposals

-

(433,471

)

-

(175,546

)

(609,017

)

At 31 December 2024

741,647

1,678,495

170,913

843,603

3,434,658

DEPRECIATION

At 1 January 2024

242,275

1,377,088

122,366

351,765

2,093,494

Charge for year

49,938

169,090

12,137

160,736

391,901

Eliminated on disposal

-

(374,955

)

-

(144,994

)

(519,949

)

At 31 December 2024

292,213

1,171,223

134,503

367,507

1,965,446

NET BOOK VALUE

At 31 December 2024

449,434

507,272

36,410

476,096

1,469,212

At 31 December 2023

498,542

453,578

40,328

299,907

1,292,355

9.

STOCKS

2024

2023

£

£

Raw materials

3,057,252

3,823,212

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,102,512

1,147,221

Provision for doubtful debts

(36,297

)

(21,980

)

Other debtors

581,876

430,228

Prepayments and accrued income

72,751

150,142

1,720,842

1,705,611