| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| GILBERTS (BLACKPOOL) LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| GILBERTS (BLACKPOOL) LIMITED |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| 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 | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Statement of Financial Position | 10 |
| Statement of Changes in Equity | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 |
| GILBERTS (BLACKPOOL) LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 17 St Peters Place |
| Fleetwood |
| Lancashire |
| FY7 6EB |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| 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 |
| We entered 2024 with the economic situation in the UK, and worldwide, dealing with effects of higher interest rates, higher inflation and the cost-of-living crisis. We expected this situation to affect the construction market, and the business set a turnover budget of £21 million; a conservative position. Pleasingly, we exceeded both the turnover and profit expectations through hard work and maximising opportunities. |
| The key financial and other performance indicators during the year were as follows: |
2024 |
2023 |
Change |
£'000 |
£'000 |
% |
| Turnover | 23,864 | 21,625 | 10.1 |
| Operating profit | 1,786 | 1,606 | 11.0 |
| Net current assets | 5,333 | 5,289 | 0.9 |
| The construction market has unexpectedly proved to be stable during Year 2024. There have been notable casualties within the market, but Gilberts have managed, through constant market analysis and careful contract and account management to avoid being affected adversely. |
| Our target sectors have remained stable and understood, our core product sectors have remained busy, and we have maintained our market share. Some large scale projects have helped us to achieve our budget and to solidity, our standing in the market with key customers. It is noted that a proportion of our 'above budget' performance has again come from price increases driven by a high inflationary economy. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The economic outlook for the UK is somewhat unclear. The new government has made changes that will affect businesses and the full impact, both positive and negative, are yet to be understood and as such is a concern. |
| We, at present, see no clear indications for an immediate demand change or major slowdown. Construction forecasts for Year 2025 are a little more complex; there are signs of major projects and sector growth but that's tempered by increased costs and legislation changes putting a strain on budgets and costs. The forecast for Year 2025 is the most ambiguous for some time but we start the Year with some major projects already placed. We expect to work through the challenges we come across and be in a good position to capitalise when the sector stabilises. |
| Our organisation is stable and strong, both financially and strategically, and continues to invest for the future with additional plant, energy savings and software implementations. It is satisfying to report that Year 2024 profits have increased over Year 2023, keeping us securely in a comfortable trading and profitable position. Year 2024 was a year that delivered a strong and solid performance. We remain a lean, efficient business that is well prepared for any market challenges that may arise in Year 2025. |
| The business is again facing yet another year of uncertainty, this time from government legislation and budgetary changes, as we enter Year 2025. The business has set a turnover budget of £23.1 million. This is a measured objective that considers the current level of order bookings, and factors in the economic effects of higher business costs, higher inflation and the continued cost-of-living crisis and their expected effects on the construction market. |
| ON BEHALF OF THE BOARD: |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| 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 designers and manufacturers of air distribution products, smoke fire dampers and natural ventilation systems. |
| DIVIDENDS |
| Interim dividends per share were paid during the year as follows: |
| Ordinary £1 | - | £ |
- 31 December 2024 |
| A Ordinary £1 | - | £ |
- 8 April 2024 |
| B Ordinary £1 | - | £ |
- 8 April 2024 |
| D Ordinary £1 | - | £3900 | - 8 April 2024 |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| RESEARCH AND DEVELOPMENT |
| The company is continually investing in research and development work to maintain its position at the forefront of the industry. |
| FUTURE DEVELOPMENTS |
| Our mission is to become the market leader in Air Distribution Grilles, Diffusers, Louvres, Dampers and Natural Ventilation products. |
| We will develop and embrace new energy efficient technologies, manufacturing efficient designs that provide for healthy and comfortable ventilation solutions in all types of building. Our philosophy is to supply the highest quality of "value engineered" products to satisfy market needs. |
| Divisionalised centres of excellence will continue to evolve to create business units empowered to meet market opportunities and demand helping to sustain stable growth and profitability for the lasting benefit of both shareholders and employees. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| 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. |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| REPORT OF THE DIRECTORS |
| for the year ended 31 December 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| 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. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GILBERTS (BLACKPOOL) LIMITED |
| Opinion |
| We have audited the financial statements of Gilberts (Blackpool) 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 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GILBERTS (BLACKPOOL) LIMITED |
| 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 pages three and four, 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: |
| Based on our understanding of the entity and the industry in which it operates we identified principal risks of non-compliance with laws and regulations related to Health and Safety, Sale of Goods Act and other trading laws. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements. We also considered the Companies Act 2006 as this has a direct impact on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to the posting of inappropriate journals in order to impact profitability and misappropriation of stock. Significant accounting estimates which could give rise to management bias within the company are: depreciation and useful economic life of Fixed Assets. |
| Audit procedures performed in order to mitigate the risks highlighted include the following: |
| - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. |
| - Evaluation of the operating effectiveness of the management's controls designed to prevent and detect irregularities. |
| - Reviewing key correspondence with regulatory authorities in relation to compliance with relevant regulations. |
| - Challenging assumptions and judgements made by the management as well as explanations given. |
| - Identifying and testing journal entries, in particular those posted with unusual account combinations. |
| - Testing specific assets for existence and signs of impairment. |
| There are limitations in the audit procedures described above 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 would become aware of it. Also, 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. |
| 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 |
| GILBERTS (BLACKPOOL) 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. |
| for and on behalf of |
| Statutory Auditor |
| 17 St Peters Place |
| Fleetwood |
| Lancashire |
| FY7 6EB |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| INCOME STATEMENT |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| REVENUE |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 7,719,219 | 7,959,260 |
| 1,710,863 | 1,549,214 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 2,003,052 | 1,723,234 |
| Interest payable and similar expenses | 6 |
| Other finance costs | 17 |
| 296,152 | 244,555 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| OTHER COMPREHENSIVE INCOME |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME |
| Return on plan assets (excluding amounts | ( |
) | ( |
) |
| included in net interest cost) |
| Experience gains and losses arising | ( |
) |
| Effects of changes in demographic and | ( |
) |
| financial assumptions |
| Surplus that is not recoverable | ( |
) |
| Loss on curtailments |
| Income tax relating to components of |
| other comprehensive income |
| Interest charged |
| Income tax relating to components of other comprehensive income |
( |
) |
( |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| STATEMENT OF FINANCIAL POSITION |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 9 |
| CURRENT ASSETS |
| Inventories | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Capital redemption reserve | 16 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| STATEMENT OF CHANGES IN EQUITY |
| for the year ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| STATEMENT OF CASH FLOWS |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Amount introduced by directors | 345,430 | 75,895 |
| Amount withdrawn by directors | (1,549,885 | ) | (862,663 | ) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
5,213,695 |
| Cash and cash equivalents at end of year | 2 | 6,644,197 | 6,595,630 |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| for the year ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 296,152 | 244,555 |
| Finance income | (216,985 | ) | (117,544 | ) |
| 2,145,633 | 1,928,299 |
| Increase in inventories | ( |
) | ( |
) |
| Decrease in trade and other debtors |
| Increase in trade and other creditors |
| Cash generated from operations |
| 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 | 6,644,197 | 6,595,630 |
| Year ended 31 December 2023 |
| 31/12/23 | 1/1/23 |
| £ | £ |
| Cash and cash equivalents | 6,595,630 | 5,213,695 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/1/24 | Cash flow | At 31/12/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 6,595,630 | 48,567 | 6,644,197 |
| 6,595,630 | 6,644,197 |
| Total | 6,595,630 | 48,567 | 6,644,197 |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Gilberts (Blackpool) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Where turnover relates to services provided under contracts turnover is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
| Where turnover represents sales of goods net of VAT and trade discounts it is recognised when the goods are physically delivered to the customer. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| 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. |
| Freehold property | - 2% on cost |
| Leasehold property | - Over the period of the lease |
| Plant and machinery | - 15% on reducing balance |
| Fixtures and fittings | - 15% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Computer equipment | - 20% on reducing balance |
| No depreciation is provided on freehold land. |
| Stocks |
| Raw materials stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is actual cost except for aluminium extrusions where a weighted average cost is used. Net realisable value represents estimated selling price less costs to complete and sell. |
| Work in progress (all non long-term) is valued at the lower of cost and net realisable value. Cost includes materials and labour and an allocation of overheads. |
| Financial instruments |
| Debtors and 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. |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 benefit pension scheme which is closed to new membership and to new accruals. Consequently there is no pension charge. |
| The company also contributes to a group personal pension scheme on behalf of employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account. |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and 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. |
| Critical judgements in applying the Company's accounting policies and key source of estimation uncertainty |
| The following are the key sources of estimation uncertainty that the directors have assessed as being applicable to the entity and that have the most significant effect on the amounts recognised in the financial statements. It is deemed that there are no critical accounting judgements. |
| Fixed Assets |
| Accounting for fixed assets involves the use of estimates for (a) the useful live of the assets over which they are to be depreciated , and (b) the existence and any amount of impairment. Details of fixed assets can be found in note 8. |
| Fixed assets are depreciated over the estimated useful lives using rates shown in note 2. When the company estimates useful lives various factors are considered including expected technology obsolescence and the expected usage of the asset. The company regularly reviews these assets useful lives, future economic utilization and the physical condition of the assets concerned. |
| The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case, an impairment charge is taken against the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets require management judgement in determining the amounts to be impaired, in particular judgement is used when assessing the future cash flows. |
| Work in Progress |
| Stock contains an amount for work in progress which is made up of ongoing jobs at the year end. Work in progress is valued as a percentage of job completion. Cost percentages are reviewed on a regular basis by management. |
| Receivables |
| The recoverable amount of receivables is estimated based on the expected future cash inflows, considering factors such as historical collection rates, aging of receivables, and current economic conditions. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 7 | 7 |
| Technical | 11 | 9 |
| Management | 13 | 14 |
| Administration and sales | 45 | 43 |
| Production | 160 | 158 |
| Other pension costs represents defined contribution pension contributions. There were no outstanding contributions at the year end (2022 - £Nil). |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Cost of stock recognised as an expense |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Other interest |
| Directors loan interest |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 7. | 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 |
| R&D tax credit | (104,285 | ) | (98,764 | ) |
| Total current tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax 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 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| R&D tax credit | (104,285 | ) | (98,764 | ) |
| Deferred tax | 46,281 | 3,470 |
| Tax on pension fund | (250 | ) | (500 | ) |
| Total tax charge | 356,437 | 249,363 |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Return on plan assets (excluding amounts | ( |
) | 249,750 | (749,250 | ) |
| included in net interest cost) |
| Experience gains and losses arising | ( |
) | 2,500 | (7,500 | ) |
| Effects of changes in demographic and | (314,000 | ) | 942,000 |
| financial assumptions |
| Surplus that is not recoverable | ( |
) | 83,250 | (249,750 | ) |
| Loss on curtailments |
| Income tax relating to components of | (21,500 | ) | 64,500 |
| other comprehensive income |
| Interest charged | (250 | ) | 750 |
| 1,000 | (250 | ) | 750 |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 7. | TAXATION - continued |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Return on plan assets (excluding amounts | ( |
) | 76,750 | (230,250 | ) |
| included in net interest cost) |
| Experience gains and losses arising | (122,250 | ) | 366,750 |
| Effects of changes in demographic and | ( |
) | 57,500 | (172,500 | ) |
| financial assumptions |
| Surplus that is not recoverable | (12,000 | ) | 36,000 |
| Loss on curtailments |
| Income tax relating to components of |
| other comprehensive income |
| Interest charged | (500 | ) | 1,500 |
| 2,000 | (500 | ) | 1,500 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| A Ordinary shares of £1 each |
| Interim |
| B Ordinary shares of £1 each |
| Interim |
| D Ordinary shares of £1 each |
| Interim |
| 9. | PROPERTY, PLANT AND EQUIPMENT |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 9. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | INVENTORIES |
| 2024 | 2023 |
| £ | £ |
| Raw materials and consumables |
| Work-in-progress |
| Finished goods |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Directors' current accounts | 5,120,387 | 4,880,398 |
| Accruals and deferred income |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 14. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Capital allowances in advance of depreciation |
332,331 |
286,050 |
| Deferred | Pension |
| tax | liability |
| £ | £ |
| Balance at 1 January 2024 |
| Provided during year |
| Balance at 31 December 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 446 | 446 |
| A Ordinary | £1 | 10 | 10 |
| B Ordinary | £1 | 10 | 10 |
| C Ordinary | £1 | 10 | 10 |
| D Ordinary | £1 | 10 | 10 |
| 486 | 486 |
| The A, B, C and D Ordinary shares carry no rights beyond the right to receive a dividend which may be paid by the Company. |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 16. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 6,723,840 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Net gains/(losses) re pension |
| liability | 1,000 | - | 1,000 |
| Deferred tax on actuarial gain | (250 | ) | - | (250 | ) |
| At 31 December 2024 | 6,925,761 |
| 17. | EMPLOYEE BENEFIT OBLIGATIONS |
| The employer operates a defined benefit scheme in the UK. The scheme is closed to future accrual with effect from 31 July 2006. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A preliminary actuarial valuation was carried out at 5 April 2024 and updated to 31 December 2024 by a qualified actuary, independent of the scheme's sponsoring employer. |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Present value of funded obligations | ( |
) | ( |
) |
| Fair value of plan assets |
| 1,618,000 | 1,285,000 |
| Present value of unfunded obligations |
| Amount of surplus in scheme |
| not recoverable by employer | (1,618,000 | ) | (1,285,000 | ) |
| Deficit |
| Net liability |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Current service cost | - | - |
| Net interest from net defined benefit asset/liability |
(61,000 |
) |
(65,000 |
) |
| Past service cost | - | - |
| (61,000 | ) | (65,000 | ) |
| Actual return on plan assets |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 17. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening defined benefit obligation |
| Interest cost |
| Benefits paid | ( |
) | ( |
) |
| Remeasurements: |
| Actuarial (gains)/losses from changes in demographic assumptions |
(1,256,000 |
) |
230,000 |
| Experience gains and losses |
| arising on the plan |
| liabilities | 10,000 | (489,000 | ) |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening fair value of scheme assets |
| Expected return | 632,000 | 672,000 |
| Benefits paid | (527,000 | ) | (655,000 | ) |
| Admin expenses from plan assets | 25,000 | (65,000 | ) |
| Return on plan assets (excluding interest income) |
(999,000 |
) |
(307,000 |
) |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Actuarial (gains)/losses from changes in demographic assumptions |
1,256,000 |
(230,000 |
) |
| Experience gains and losses |
| arising on the plan |
| liabilities | (10,000 | ) | 489,000 |
| Return on plan assets (excluding interest income) |
(999,000 |
) |
(307,000 |
) |
| 247,000 | (48,000 | ) |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 17. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The major categories of scheme assets as amounts of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Equities |
| Liability driven assets | 2,720,000 | 3,226,000 |
| Debt instruments |
| Insured assets | 2,370,000 | 2,669,000 |
| Cash | (3,000 | ) | (2,000 | ) |
| 12,580,000 | 13,449,000 |
| None of the fair values of the assets shown above include any direct investments in the employer's own financial instruments or any property occupied by, or other assets used by, the employer. |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate |
| Inflation (RPI) | 3.40% | 3.25% |
| Inflation (CPI) | 2.90% | 2.65% |
| The mortality assumptions adopted at 31 December 2024 imply the following life expectancies: |
| Male retiring at age 65 in 2024 | 20.0 years |
| Female retiring at age 65 in 2024 | 22.4 years |
| Male retiring at age 65 in 2044 | 21.3years |
| Female retiring at age 65 in 2044 | 23.8 years |
| Expected long term rates of return |
| The long-term expected rate of return on cash is determined by reference to bank base rates at the balance sheet date. The long-term expected return on bonds is determined by reference to UK long dated government and corporate bond yields at the balance sheet date. The long-term expected rate of return on equities and property is based on the rate of return on bonds with an allowance for out-performance. |
| The best estimate of contributions to be paid by the employer to the scheme for the period commencing 1 January 2024 is £3,000 per month. |
| GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 18. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Rent paid by the company |
| Amounts introduced to the company |
| Amounts withdrawn from the company | 1,549,884 | 862,663 |
| Dividends paid | 1,149,292 | 1,073,420 |
| Interest paid | 295,152 | 242,553 |
| Amount due to related party |
| 2024 | 2023 |
| £ | £ |
| Rent paid to related party | 180,000 | 180,000 |
| Amount due from related party |