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REGISTERED NUMBER: 00673483 (England and Wales)















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: Mrs S M Haslam
Mr M J Wills
Mr J J Haslam DIPM, MCIM, MBA
Mr P G Haslam
Mr R G J Jones
Mr I Rogers
Mr C Clarke





SECRETARY: Mr N Abbot





REGISTERED OFFICE: Clifton Road
Marton
Blackpool
Lancashire
FY4 4QT





REGISTERED NUMBER: 00673483 (England and Wales)





AUDITORS: Xeinadin Audit Limited
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:





Mr N Abbot - Secretary


27 May 2025

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 - £2242.1524 - 31 December 2024
A Ordinary £1 - £8156.20 - 8 April 2024
B Ordinary £1 - £2873 - 8 April 2024
D Ordinary £1 - £3900 - 8 April 2024

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,149,292 .

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.

Mrs S M Haslam
Mr M J Wills
Mr J J Haslam DIPM, MCIM, MBA
Mr P G Haslam
Mr R G J Jones
Mr I Rogers
Mr C Clarke

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:



Mr N Abbot - Secretary


27 May 2025

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.




Martin Wigley MSc ACA ATII (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Statutory Auditor
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

27 May 2025

GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483)

INCOME STATEMENT
for the year ended 31 December 2024

2024 2023
Notes £    £    £   

REVENUE 23,864,176 21,624,872

Cost of sales 14,434,094 12,116,398
GROSS PROFIT 9,430,082 9,508,474

Distribution costs 2,364,447 2,268,405
Administrative expenses 5,354,772 5,690,855
7,719,219 7,959,260
1,710,863 1,549,214

Other operating income 75,204 56,476
OPERATING PROFIT 5 1,786,067 1,605,690

Interest receivable and similar income 216,985 117,544
2,003,052 1,723,234

Interest payable and similar expenses 6 295,152 242,555
Other finance costs 17 1,000 2,000
296,152 244,555
PROFIT BEFORE TAXATION 1,706,900 1,478,679

Tax on profit 7 356,437 249,363
PROFIT FOR THE FINANCIAL YEAR 1,350,463 1,229,316

GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,350,463 1,229,316


OTHER COMPREHENSIVE INCOME
Return on plan assets (excluding amounts (999,000 ) (307,000 )
included in net interest cost)
Experience gains and losses arising (10,000 ) 489,000
Effects of changes in demographic and 1,256,000 (230,000 )
financial assumptions
Surplus that is not recoverable (333,000 ) 48,000
Loss on curtailments
Income tax relating to components of 86,000 -
other comprehensive income
Interest charged 1,000 2,000
Income tax relating to components of other
comprehensive income

(250

)

(500

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

750

1,500
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,351,213

1,230,816

GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483)

STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 9 1,924,444 1,721,490

CURRENT ASSETS
Inventories 10 2,657,000 2,437,000
Debtors 11 4,883,607 5,042,722
Cash at bank and in hand 6,644,197 6,595,630
14,184,804 14,075,352
CREDITORS
Amounts falling due within one year 12 (8,850,670 ) (8,786,466 )
NET CURRENT ASSETS 5,334,134 5,288,886
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,258,578

7,010,376

PROVISIONS FOR LIABILITIES 14 (332,331 ) (286,050 )
NET ASSETS 6,926,247 6,724,326

CAPITAL AND RESERVES
Called up share capital 15 486 486
Capital redemption reserve 16 55 55
Retained earnings 16 6,925,706 6,723,785
SHAREHOLDERS' FUNDS 6,926,247 6,724,326

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





Mr C Clarke - Director


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 486 6,566,389 55 6,566,930

Changes in equity
Dividends - (1,073,420 ) - (1,073,420 )
Total comprehensive income - 1,230,816 - 1,230,816
Balance at 31 December 2023 486 6,723,785 55 6,724,326

Changes in equity
Dividends - (1,149,292 ) - (1,149,292 )
Total comprehensive income - 1,351,213 - 1,351,213
Balance at 31 December 2024 486 6,925,706 55 6,926,247

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 2,099,950 2,366,147
Interest paid - (2 )
Tax paid (501,393 ) (33,003 )
Net cash from operating activities 1,598,557 2,333,142

Cash flows from investing activities
Purchase of tangible fixed assets (629,622 ) (328,680 )
Sale of tangible fixed assets 67,102 46,697
Interest received 216,985 117,544
Net cash from investing activities (345,535 ) (164,439 )

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 (1,204,455 ) (786,768 )

Increase in cash and cash equivalents 48,567 1,381,935
Cash and cash equivalents at beginning of
year

2

6,595,630

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 1,706,900 1,478,679
Depreciation charges 370,264 341,105
Profit on disposal of fixed assets (10,698 ) (18,496 )
Finance costs 296,152 244,555
Finance income (216,985 ) (117,544 )
2,145,633 1,928,299
Increase in inventories (220,000 ) (240,000 )
Decrease in trade and other debtors 159,115 665,113
Increase in trade and other creditors 15,202 12,735
Cash generated from operations 2,099,950 2,366,147

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 48,567 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 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 9,014,854 8,166,185
Social security costs 48,720 41,244
Other pension costs 507,594 469,905
9,571,168 8,677,334

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
236 231

Other pension costs represents defined contribution pension contributions. There were no outstanding contributions at the year end (2022 - £Nil).

2024 2023
£    £   
Directors' remuneration 411,882 376,061
Directors' pension contributions to money purchase schemes 50,159 48,154

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

Money purchase schemes 4 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 130,686 107,055
Pension contributions to money purchase schemes 14,109 9,816

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 57,142 32,467
Other operating leases 398,457 383,001
Depreciation - owned assets 370,264 341,105
Profit on disposal of fixed assets (10,698 ) (18,496 )
Auditors' remuneration 19,425 18,500
Auditors' remuneration for non audit work 11,725 11,400
Cost of stock recognised as an expense 7,918,619 6,777,604

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest - 2
Directors loan interest 295,152 242,553
295,152 242,555

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 414,691 345,157
R&D tax credit (104,285 ) (98,764 )
Total current tax 310,406 246,393

Deferred tax 46,031 2,970
Tax on profit 356,437 249,363

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 1,706,900 1,478,679
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.521%)

426,725

347,800

Effects of:
Expenses not deductible for tax purposes 33,374 770
Capital allowances in excess of depreciation (45,408 ) (3,413 )
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 (999,000 ) 249,750 (749,250 )
included in net interest cost)
Experience gains and losses arising (10,000 ) 2,500 (7,500 )
Effects of changes in demographic and 1,256,000 (314,000 ) 942,000
financial assumptions
Surplus that is not recoverable (333,000 ) 83,250 (249,750 )
Loss on curtailments
Income tax relating to components of 86,000 (21,500 ) 64,500
other comprehensive income
Interest charged 1,000 (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 (307,000 ) 76,750 (230,250 )
included in net interest cost)
Experience gains and losses arising 489,000 (122,250 ) 366,750
Effects of changes in demographic and (230,000 ) 57,500 (172,500 )
financial assumptions
Surplus that is not recoverable 48,000 (12,000 ) 36,000
Loss on curtailments
Income tax relating to components of
other comprehensive income
Interest charged 2,000 (500 ) 1,500
2,000 (500 ) 1,500

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 1,000,000 900,000
A Ordinary shares of £1 each
Interim 81,562 108,810
B Ordinary shares of £1 each
Interim 28,730 25,610
D Ordinary shares of £1 each
Interim 39,000 39,000
1,149,292 1,073,420

9. PROPERTY, PLANT AND EQUIPMENT
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 174,310 288,125 3,554,778
Additions - - 282,392
Disposals - - (272,288 )
At 31 December 2024 174,310 288,125 3,564,882
DEPRECIATION
At 1 January 2024 137,066 288,125 2,342,365
Charge for year 3,492 - 205,586
Eliminated on disposal - - (262,672 )
At 31 December 2024 140,558 288,125 2,285,279
NET BOOK VALUE
At 31 December 2024 33,752 - 1,279,603
At 31 December 2023 37,244 - 1,212,413

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 775,129 824,065 5,616,407
Additions 150,651 196,579 629,622
Disposals - (159,175 ) (431,463 )
At 31 December 2024 925,780 861,469 5,814,566
DEPRECIATION
At 1 January 2024 652,540 474,821 3,894,917
Charge for year 45,129 116,057 370,264
Eliminated on disposal - (112,387 ) (375,059 )
At 31 December 2024 697,669 478,491 3,890,122
NET BOOK VALUE
At 31 December 2024 228,111 382,978 1,924,444
At 31 December 2023 122,589 349,244 1,721,490

10. INVENTORIES
2024 2023
£    £   
Raw materials and consumables 1,815,205 1,741,783
Work-in-progress 490,031 403,384
Finished goods 351,764 291,833
2,657,000 2,437,000

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,305,799 4,678,995
Other debtors 62,966 58,359
Prepayments and accrued income 514,842 305,368
4,883,607 5,042,722

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,445,611 1,402,041
Tax 55,406 246,393
Social security and other taxes 471,092 588,112
Directors' current accounts 5,120,387 4,880,398
Accruals and deferred income 1,758,174 1,669,522
8,850,670 8,786,466

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 370,100 370,100
Between one and five years 665,350 760,400
In more than five years - 95,090
1,035,450 1,225,590

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 286,050 250
Provided during year 46,281 -
Balance at 31 December 2024 332,331 250

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
446 Ordinary £1 446 446
10 A Ordinary £1 10 10
10 B Ordinary £1 10 10
10 C Ordinary £1 10 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 6,723,785 55 6,723,840
Profit for the year 1,350,463 1,350,463
Dividends (1,149,292 ) (1,149,292 )
Net gains/(losses) re pension
liability 1,000 - 1,000
Deferred tax on actuarial gain (250 ) - (250 )
At 31 December 2024 6,925,706 55 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 (10,962,000 ) (12,164,000 )
Fair value of plan assets 12,580,000 13,449,000
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 632,000 672,000

GILBERTS (BLACKPOOL) LIMITED (REGISTERED NUMBER: 00673483)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

17. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 12,164,000 12,471,000
Interest cost 571,000 607,000
Benefits paid (527,000 ) (655,000 )
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 )
10,962,000 12,164,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 13,449,000 13,804,000
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

)
12,580,000 13,449,000

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 3,759,000 4,994,000
Liability driven assets 2,720,000 3,226,000
Debt instruments 3,734,000 2,562,000
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 5.75% 4.80%
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 202420.0 years
Female retiring at age 65 in 202422.4 years
Male retiring at age 65 in 204421.3years
Female retiring at age 65 in 204423.8 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

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Rent paid by the company 204,000 190,100
Amounts introduced to the company 1,789,873 1,391,868
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 5,120,386 4,880,398

Other related parties
2024 2023
£    £   
Rent paid to related party 180,000 180,000
Amount due from related party 62,966 58,359