REGISTERED NUMBER: 07384230 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2024 TO 31 DECEMBER 2025

FOR

GUTHRIE DOUGLAS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J W Kitching

D R Pooley

C M Broome

J E Crone

REGISTERED OFFICE:

Unit 3

Titan Business Centre

Spartan Close

Warwick

Warwickshire

CV34 6RR

REGISTERED NUMBER:

07384230 (England and Wales)

AUDITORS:

Luckmans Duckett Parker Limited

Chartered Accountants

Statutory Auditors

1110 Elliott Court

Herald Avenue

Coventry Business Park

Coventry

West Midlands

CV5 6UB

FIXED ASSETS

Owned

Tangible assets

4

837,703

1,038,656

Right-of-use

Tangible assets

4, 8

1,147,711

-

1,985,414

1,038,656

CURRENT ASSETS

Stocks

805,849

781,929

Debtors

5

2,185,321

2,213,764

Cash at bank and in hand

55,293

168,608

3,046,463

3,164,301

CREDITORS

Amounts falling due within one year

6

1,733,505

1,739,388

NET CURRENT ASSETS

1,312,958

1,424,913

TOTAL ASSETS LESS CURRENT LIABILITIES

3,298,372

2,463,569

CREDITORS

Amounts falling due after more than one year

7

(1,359,541

)

(367,707

)

PROVISIONS FOR LIABILITIES

9

(68,143

)

(127,691

)

NET ASSETS

1,870,688

1,968,171

CAPITAL AND RESERVES

Called up share capital

2,667

2,667

Capital redemption reserve

12,333

12,333

Retained earnings

1,855,688

1,953,171

1,870,688

1,968,171

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

J E Crone - Director

1.	STATUTORY INFORMATION

Guthrie Douglas 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

FRS102 Periodic 2024 amendments have been early adopted and applied from the commencement of the current accounting period

Comparatives

The period covered by the financial statements is 15 months. The comparatives covered a period of 12 months and are therefore, not entirely comparable.The year end was changed to align with the US parent.

Significant judgements and estimates

The following judgements have been made in the process of applying the accounting policies:

Revenue and costs of sales have been assessed at the balance sheet date where related to orders in process. An anticipated margin on the whole order is applied to deposits in advance where these apply to applications for payment to facilitate the purchase of the required materials.

Turnover

Revenue represents the provision of technical shading systems with a wide range of order size and covering the UK and overseas.

Revenue is recognised net of VAT.

The majority of sales are conducted under the Company's Terms and Conditions. Larger projects may have a contract in place. Revenue recognition follows the five step model in FRS102 section 23. Revenue is recognised when the Company satisfies it's performance obligation by transferring the promised goods to the customer. Revenue is therefore recognised at despatch except where performance obligations are satisfied over time.This approach relates to bespoke larger orders/projects where terms ensure that there is an enforceable right to payment for performance completed. The Company recognises revenue over time by measuring its progress towards satisfaction of performance obligation under the input method, based on costs incurred to date, utilising the margin expected on the whole project.

Tangible fixed assets

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 the shorter.

Improvements to property

-

Equal instalments over period of lease

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Transition exemptions have been applied. Per Section 1.51(a) of FRS102 September 2024; lease liability is recognised at the date of initial application; being 1st October 2024.

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.

Debtors/creditors receivable/payable within one year

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 profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 39 (2024 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 October 2024

-

938,735

438,732

Additions

1,352,659

39,603

-

At 31 December 2025

1,352,659

978,338

438,732

DEPRECIATION

At 1 October 2024

-

196,521

269,887

Charge for period

204,948

158,909

33,248

At 31 December 2025

204,948

355,430

303,135

NET BOOK VALUE

At 31 December 2025

1,147,711

622,908

135,597

At 30 September 2024

-

742,214

168,845

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2024

119,414

87,563

232,365

1,816,809

Additions

-

-

9,506

1,401,768

At 31 December 2025

119,414

87,563

241,871

3,218,577

DEPRECIATION

At 1 October 2024

65,638

42,775

203,332

778,153

Charge for period

4,301

27,343

26,261

455,010

At 31 December 2025

69,939

70,118

229,593

1,233,163

NET BOOK VALUE

At 31 December 2025

49,475

17,445

12,278

1,985,414

At 30 September 2024

53,776

44,788

29,033

1,038,656

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

30.9.24

£

£

Trade debtors

910,301

1,051,939

Amounts owed by group undertakings

296,688

286,336

Other debtors

978,332

875,489

2,185,321

2,213,764

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

30.9.24

£

£

Bank loans and overdrafts

173,369

139,000

Leases (see note 8)

185,494

42,578

Trade creditors

605,487

522,944

Amounts owed to group undertakings

591,220

410,284

Taxation and social security

58,150

71,932

Other creditors

119,785

552,650

1,733,505

1,739,388

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

30.9.24

£

£

Bank loans

123,750

294,167

Leases (see note 8)

1,235,791

73,540

1,359,541

367,707

8.

LEASING

Right-of-use assets

Tangible fixed assets

31.12.25

30.9.24

£

£

COST

Additions

1,352,659

-

DEPRECIATION

Charge for year

204,948

-

NET BOOK VALUE

1,147,711

-

Lease liabilities

Minimum lease payments fall due as follows:

31.12.25

30.9.24

£

£

Gross obligations repayable:

Within one year

311,285

42,578

Between one and five years

1,099,648

73,540

In more than five years

535,449

-

1,946,382

116,118

Finance charges repayable:

Within one year

125,791

-

Between one and five years

345,301

-

In more than five years

54,005

-

525,097

-

Net obligations repayable:

Within one year

185,494

42,578

Between one and five years

754,347

73,540

In more than five years

481,444

-

1,421,285

116,118

9.	PROVISIONS FOR LIABILITIES

31.12.25

30.9.24

£

£

Deferred tax

68,143

127,691

Deferred

tax

£

Balance at 1 October 2024

127,691

Credit to Statement of Income and Retained Earnings during period

(59,548

)

Balance at 31 December 2025

68,143

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

The financial statements for the year ended 30th September 2024 were not audited and thus we did not observe the counting of physical inventories at the year end. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30th September 2024 or 30th September 2023, which are included in the balance sheet at £781,929 and £934,583 respectively, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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 qualified opinion.

Matters required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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 directors’ report.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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

Mark Spafford FCCA FCA (Senior Statutory Auditor)

for and on behalf of Luckmans Duckett Parker Limited

11.	PARENT AND ULTIMATE PARENT ENTITY

GD Holdings Ltd is the parent company of Guthrie Douglas Limited. The ultimate parent company is Draper Inc.