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REGISTERED NUMBER: 00066471 (England and Wales)











Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2024

for

G.B. KENT & SONS PLC

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 9

Statement of Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 15

Cash Flow Statement 16

Notes to the Cash Flow Statement 17

Notes to the Financial Statements 18


G.B. KENT & SONS PLC

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr A H L Cosby
Mrs M R Cosby
Mr B G H Cosby
Mr S I Wright



REGISTERED OFFICE: River Gade Works
London Road
Apsley
Hemel Hempstead
Hertfordshire
HP3 9SA



REGISTERED NUMBER: 00066471 (England and Wales)



SENIOR STATUTORY AUDITOR: Jeffrey Lermer, FCA



AUDITORS: JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Strategic Report
for the Year Ended 31 December 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review continued to be that of manufacture of brushes and combs for personal grooming.

REVIEW OF BUSINESS

The year ending December 2024 presented a mix of challenges and strategic advancements for GB Kent and Sons Plc. While we faced a substantial reduction in turnover due to decreased sales from two major customers, strategic initiatives and a focus on resilience paved the way for recovery and growth in key areas.

The company's directors believe that, with the continued development of products and new business contracts combined careful management of the company's resources, the company will return to trade profitability and meet its obligations as they fall due.


FINANCIAL REVIEW

Turnover increased by 20.6%

The company saw a significant recovery in turnover during the year, following the loss in orders from a major customer during the year previous year.

Gross Profit Margin

Gross profit during the year as a percentage of sales was 40% (2023: 38.8%)

Profit after taxation
The (loss) / profit for the year after taxation was £45,856 (2023: loss - £826,550)

Dividend
Dividend paid during the year amounted to £283,152 (2023: £333,152)

Cash at bank
The balance in hand at 31 December 2024 £1,001,634 (2023: £978,930)

Shareholders' Funds
As at 31 December 2024 these stood at £7,731,157 (2023: £7,968,453)


G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Strategic Report
for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to a variety of risks. These could range from the wider effects of the general economy and external competition to those more specific to the company, such as its own financial strength and size. The Board regularly review these risks and their potential impact on the company.

The Board monitors the company's performance carefully through the use of regular financial information and management reports.

Key risks and the company's response to these risks are shown below.


1- Financial Risk Management
The company's financial instruments comprise of cash at bank, loan and overdraft facility at the company's disposal. The main purpose of these financial instruments is to raise adequate finance for the company's operations, together with management of working capital.

The main risk arising from the company's financial instruments is liquidity risk. As can be seen from the cash flow notes in the annexed financial statements, the company currently does not suffer from a liquidity problem. It alleviates this risk by agreeing credit terms with its customers and suppliers.


2- Foreign Currency Risk
The company is exposed to foreign currency fluctuation as most the company's purchases are in foreign currencies

The company minimises this risk by engaging in forward contracts.


3- Customer concentration risk
As with any business of its size, the company relies on a relatively small number of customers for a large percentage of its turnover. The loss of a key customer can have a detrimental impact on earnings.

The company is focused on customer retention by supplying top rate products and service as well as obtaining new customers thus broadening the number of key customers.


4- Competitive pressure risk
The company operates in a highly competitive market environment and performance may suffer if there is a loss of competitiveness vis-a- vis its customers.

The company reviews the competitiveness of its services with its clients and customers in the market. The company also has a very strong brand name built over more than 243 years.


5-Credit risk
Default by customers on receivables could negatively affect the earnings.

Credit is assessed and monitored by the company and where risk is judged to be high, more stringent credit terms are implemented.

All major accounts are underwritten by credit insurance to mitigate any adverse effect on its working capital in the unlikely event of a default by major customers.


6- Loss of supply of critical products.
Loss of supply of critical products from key suppliers could affect the company's ability to provide the products to its customers.


G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Strategic Report
for the Year Ended 31 December 2024

Where possible, the company attempts to dual source all key products from multiple suppliers. The company also endeavours to maintain supply contracts with all key suppliers.


G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Strategic Report
for the Year Ended 31 December 2024

SECTION 172(1) STATEMENT
Directors statement of compliance with duty to promote the success of the Company

Under Section 172(1) of the companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholders with having regard to matters set in S172(1) (a-f) of the Act:

(a) the likely long-term consequences of decisions;
(b) the interest of the Company's employees;
(c) the need to foster the Company's business relationship with suppliers, customers and other stakeholders;
(d) the impact of the Company's operations on the community and the environment;
(e) the desirability of the Company maintaining a reputation for high standards of business and conduct; and
(f) the need to act fairly as between the Company's owners.

To discharge their S172(1) duties, the Board had regard to the factors set out above in making the principal decisions taken by the Company.

General confirmation of Directors' duties
When making decisions, each director ensures that he/she acts in the way he/she considers, in good faith, would most likely promote the Company's success for the benefit of its members as whole, and in doing so have regard (among other matters) to:

S172(1) (A) "The likely consequences of any decision in the long-term"
The Directors understand the evolving environment in which the business operates, including the challenges imposed by the Covid-19 pandemic in the short-term and the long-term. The Directors have taken several decisions which they believe best support the Company's ambitions to survive the pandemic and to grow in order to ensure the best outcome for all stakeholders.

S172(1) (B) "The interest of the company's employees"
The Directors recognise that the employees are fundamental and core to the business and the delivery of the strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, pay and benefits, to our health and safety in the workplace environment, which was ever more important during the challenge presented by the Covid19 pandemic. The Directors factor the implications of decisions on employees and the wider workforce, wherever relevant and feasible.

S172(1) (C) "The need to foster the Company's business relationships stakeholders
Fostering positive relationships with key stakeholders, such as customers and suppliers, is important to the success of the Company's business. With regards to suppliers, the company enjoys close relationship with its suppliers with range from large international manufacturers to local logistics and couriers. With regards to customers, the Company has a diverse range of customers across all sectors of the hair and beauty industry.

S172(1) (D) "The impact of the Company's operations on the community and environment"
The Board recognises that the environmental impact of the Company's operations is an ever more important consideration and as such they promote green behaviours including implementing policies to help reduce the Company's carbon footprint. The Company uses existing couriers and logistics companies to deliver their products to local customers instead of own delivery vehicles and believe that this helps reduce their carbon footprint. In addition, a green approach is adopted in the warehouse and office by promoting recycling and reducing the use of plastic

During the year, the company installed solar panels to generate electricity for their own consumption within their offices, factory and warehouse. Any surplus electricity is given back to the grid.
The company believes this also adds to their positive presence in the local community as a responsible employer.

S172(1) (E) "The desirability of the company maintaining a reputation for high standards of business conduct"

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Strategic Report
for the Year Ended 31 December 2024

The Directors consider it crucial that the Company maintains a reputation for high standards of business conduct. The Board is responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the Company. Management drives the embedding of the desired culture throughout the organisation and its values of quality, service, honesty, innovation, efficiency and relationships are driven throughout the heart of the business and in everything we do, reflected in our policies and practices and how we deal with others. These values and standards guide decision making and promote success, including the long-term consequences of those decisions.

S172(1) (F) "The need to act fairly as between members of the company"
After weighing up all relevant factors, the Directors consider which course of action best enables delivery of their strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, the Directors act fairly as between the Company's members but are not required to balance the Company's interest with those of other stakeholders, and this can sometimes mean that certain stakeholders interest may not be fully aligned.

ON BEHALF OF THE BOARD:





Mr A H L Cosby - Director


23 June 2025

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

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.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £ 283,152 .

RESEARCH AND DEVELOPMENT
The Company undertakes research and development on it's products and manufacturing tools and techniques to ensure that it is using the best appropriate materials to deliver high quality products.
The factory machines are constantly developed to ensure that they operate with the best tools and materials so that production efficiency is maintained to keep manufacturing costs low and material wastage is kept to a minimum.

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

Mr A H L Cosby
Mrs M R Cosby
Mr B G H Cosby
Mr S I Wright

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Report of the Directors
for the Year Ended 31 December 2024


AUDITORS
The auditors, JLA (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A H L Cosby - Director


23 June 2025

Report of the Independent Auditors to the Members of
G.B. Kent & Sons Plc

Opinion
We have audited the financial statements of G.B. Kent & Sons Plc (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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
G.B. Kent & Sons Plc


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

Report of the Independent Auditors to the Members of
G.B. Kent & Sons Plc


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining on how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud;
- And considering the measures in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions
- Assessed whether judgements and assumptions made in determining the accounting estimates that were
indicative of potential bias.
- Performed substantive testing on management expenses and transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims
- And reviewing available correspondence with HMRC and the company's legal advisors.

Report of the Independent Auditors to the Members of
G.B. Kent & Sons Plc


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeffrey Lermer, FCA (Senior Statutory Auditor)
for and on behalf of JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

23 June 2025

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £    £   

TURNOVER 3 8,126,068 6,736,661

Cost of sales 4,872,750 4,117,557
GROSS PROFIT 3,253,318 2,619,104

Distribution costs 1,124,045 635,662
Administrative expenses 2,573,506 3,356,630
3,697,551 3,992,292
(444,233 ) (1,373,188 )

Other operating income 482,854 544,691
OPERATING PROFIT/(LOSS) 6 38,621 (828,497 )

Interest receivable and similar income 8,932 1,947
PROFIT/(LOSS) BEFORE TAXATION 47,553 (826,550 )

Tax on profit/(loss) 8 1,697 -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

45,856

(826,550

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

45,856

(826,550

)

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 4,530,786 4,706,374

CURRENT ASSETS
Stocks 11 1,981,861 2,002,939
Debtors 12 2,433,850 1,971,665
Cash at bank and in hand 1,001,634 978,930
5,417,345 4,953,534
CREDITORS
Amounts falling due within one year 13 1,269,682 744,163
NET CURRENT ASSETS 4,147,663 4,209,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,678,449

8,915,745

PROVISIONS FOR LIABILITIES 16 947,292 947,292
NET ASSETS 7,731,157 7,968,453

CAPITAL AND RESERVES
Called up share capital 17 132,501 132,501
Revaluation reserve 2,299,891 2,299,891
Retained earnings 5,298,765 5,536,061
SHAREHOLDERS' FUNDS 7,731,157 7,968,453

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





Mr A H L Cosby - Director


G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 132,501 6,695,763 2,299,891 9,128,155

Changes in equity
Dividends - (333,152 ) - (333,152 )
Total comprehensive income - (826,550 ) - (826,550 )
Balance at 31 December 2023 132,501 5,536,061 2,299,891 7,968,453

Changes in equity
Dividends - (283,152 ) - (283,152 )
Total comprehensive income - 45,856 - 45,856
Balance at 31 December 2024 132,501 5,298,765 2,299,891 7,731,157

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 117,791 (536,075 )
Tax paid 195,786 (222,837 )
Net cash from operating activities 313,577 (758,912 )

Cash flows from investing activities
Purchase of tangible fixed assets (15,682 ) (136,523 )
Interest received 8,932 1,947
Parent Company - Cosby Brushes (CHRH) - 19,009
Net cash from investing activities (6,750 ) (115,567 )

Cash flows from financing activities
Amount withdrawn by directors 60 40
Amount withdrawn by directors (1,005 ) (945 )
Equity dividends paid (283,178 ) (333,415 )
Net cash from financing activities (284,123 ) (334,320 )

Increase/(decrease) in cash and cash equivalents 22,704 (1,208,799 )
Cash and cash equivalents at beginning
of year

2

978,930

2,187,729

Cash and cash equivalents at end of year 2 1,001,634 978,930

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

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

31.12.24 31.12.23
£    £   
Profit/(loss) before taxation 47,553 (826,550 )
Depreciation charges 191,269 211,348
Finance income (8,932 ) (1,947 )
229,890 (617,149 )
Decrease in stocks 21,079 167,717
Increase in trade and other debtors (460,961 ) (323,822 )
Increase in trade and other creditors 327,783 237,179
Cash generated from operations 117,791 (536,075 )

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,001,634 978,930
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 978,930 2,187,729


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 978,930 22,704 1,001,634
978,930 22,704 1,001,634
Total 978,930 22,704 1,001,634

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

G.B. Kent & Sons Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


The financial statements are prepared to the nearest whole (£) pound.

2. ACCOUNTING POLICIES

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

Significant judgements and estimates
The judgements made by the directors, in the application of the accounting policies and key sources of estimation and uncertainty were as follows.


Impairment of trade debtors:
A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to recover all outstanding amounts due to them in full, or there are indications that collection is doubtful which requires judgement from management. (see note 12)

Freehold property valuation:
The directors have also made key assumptions in the determination of the fair value of a freehold property in respect of the state of the property market in the location where the property is situated and is respect of the range of reasonable fair value estimates of the asset.

Turnover
Turnover, stated net of value added tax, represents amounts invoiced to third parties. The company's turnover is derived from its principal activity carried out in worldwide territories. The directors do not consider any one part of the worldwide market to be significantly different from any other.

Income is recognised as stock is delivered to or collected by customers.

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.
Freehold property - 2% on cost
Plant & Equipment - 20% on Cost, 10% on cost and Straight line over 20 years
Motor vehicles - 20% on Cost

Freehold Property
Land and buildings include a freehold factory and office building. Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period.

Any revaluation increase in the carrying amount of Land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended.
Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity.

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Stocks
These are valued on a first in first out basis at the lower of cost and net realisable value. In respect of work in progress and finished goods cost includes overheads, transportation and duty costs, where appropriate. Loose tools have been included in stock, where in the opinion of the Directors it is reasonable to do so.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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


Foreign currencies
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of transactions. Balances denominated in foreign currency are translated into sterling at the exchange rate prevailing at the Balance Sheet date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets acquired under hire purchase contracts and finance leases are capitalised as fixed assets and depreciated in accordance with the above Accounting Policy. Full provision is made for the capital cost outstanding of each assets so acquired, the interest element being written off as incurred.

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.

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from bank and other third parties, loans to related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate. Which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to a significant risk to changes in value.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 2,026,979 1,653,294
Europe 461,779 456,372
United States of America 710,177 435,776
Asia 4,692,427 4,015,986
Rest of World 234,706 175,233
8,126,068 6,736,661

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,468,611 1,400,842
Social security costs 158,145 151,191
Other pension costs 109,868 99,790
1,736,624 1,651,823

The average number of employees during the year was as follows:
31.12.24 31.12.23

Management 6 6
Production 25 25
Sales 3 2
Administration 6 6
40 39

5. DIRECTORS' EMOLUMENTS
31.12.24 31.12.23
£    £   
Directors' remuneration 18,200 18,200

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

Money purchase schemes 3 3

6. OPERATING PROFIT/(LOSS)

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

31.12.24 31.12.23
£    £   
Depreciation - owned assets 159,920 167,647
Depreciation - assets on hire purchase contracts or finance leases 31,350 43,701
Auditors' remuneration 27,000 14,000

7. EXCEPTIONAL ITEMS
31.12.24 31.12.23
£    £   
Exceptional items 79,659 (879,251 )

During the previous year the business fell victim to a sophisticated Authorised Push Payment (APP) scam, resulting in the theft and loss of funds.

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 1,697 -
Tax on profit/(loss) 1,697 -

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:

31.12.24 31.12.23
£    £   
Profit/(loss) before tax 47,553 (826,550 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 25%)

9,035

(206,638

)

Effects of:
Depreciation in excess of capital allowances 29,388 11,895
Utilisation of tax losses (36,726 ) -



balancing charges
Tax losses carried forward - 194,743
Total tax charge 1,697 -

9. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of 12.5p each
Interim 1,500 1,500
Preference shares of 62.5p each
Interim 11,250 11,250
C Ordinary share of £1
Interim 270,402 320,402
283,152 333,152

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. TANGIBLE FIXED ASSETS
Freehold Plant & Motor
property Equipment vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 4,197,149 2,096,632 222,513 6,516,294
Additions - 15,682 - 15,682
At 31 December 2024 4,197,149 2,112,314 222,513 6,531,976
DEPRECIATION
At 1 January 2024 493,233 1,099,738 216,949 1,809,920
Charge for year 53,943 131,763 5,564 191,270
At 31 December 2024 547,176 1,231,501 222,513 2,001,190
NET BOOK VALUE
At 31 December 2024 3,649,973 880,813 - 4,530,786
At 31 December 2023 3,703,916 996,894 5,564 4,706,374

Included in cost or valuation of land and buildings is freehold land of £ 1,500,000 (2023 - £ 1,500,000 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Freehold Plant & Motor
property Equipment vehicles Totals
£    £    £    £   
Valuation in 1984 498,798 - - 498,798
Valuation in 2013 2,437,883 - - 2,437,883
Cost 1,260,468 2,112,314 222,513 3,595,295
4,197,149 2,112,314 222,513 6,531,976

Freehold property was valued on an open market basis on 20 June 2019 by Aitchison Rafferty Property Consultants .

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant & Motor
Equipment vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2024
and 31 December 2024 385,728 111,425 497,153
DEPRECIATION
At 1 January 2024 172,480 105,861 278,341
Charge for year 25,786 5,564 31,350
At 31 December 2024 198,266 111,425 309,691
NET BOOK VALUE
At 31 December 2024 187,462 - 187,462
At 31 December 2023 213,248 5,564 218,812

11. STOCKS
31.12.24 31.12.23
£    £   
Stocks 362,611 362,611
Raw materials 734,609 785,166
Work-in-progress 178,702 167,035
Finished goods 705,939 688,127
1,981,861 2,002,939

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,641,991 1,247,862
Amounts owed by group undertakings 17,151 17,151
Other debtors 274,370 261,730
Directors' current accounts 53,602 52,697
Tax 319 -
Prepayments and accrued income 446,417 392,225
2,433,850 1,971,665

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 1,045,615 700,470
Tax (25,035 ) (222,837 )
Social security and other taxes 55,901 53,779
VAT 57,109 36,464
Proposed dividends 10,961 10,987
Other creditors- pension 17,259 14,956
Directors' current accounts - 40
Accruals and deferred income 107,872 150,304
1,269,682 744,163

14. SECURED DEBTS

The bank holds a charge over the freehold land and buildings and floating charge over the company's assets.

15. FINANCIAL INSTRUMENTS

The company's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to finance the company's operations. Due to the nature of the financial instruments used by the group, there is no exposure to price risk.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding, and flexibility through an overdraft facility. The company makes use of money market facilities, as appropriate.

The company has a loan from the related pension scheme, on which there is a variable rate of interest. The company manages the liquidity risk by ensuring that there are sufficient funds available to meet the payments due.

Trade debtors are managed for credit and cash flow risk by the strict application of policies over the credit offered to customers, and by regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts falling due.

Derivatives
The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2023, the company had no outstanding contracts at the year end. The company is committed to buy US$nil and pay a fixed sterling amount.

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates for GBP:USD. The fair value, in aggregate, of the forward currency contracts are £nil (2022: £nil).

The company has no interest rate derivative financial instruments (2022: none).

16. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax
Accelerated capital allowances 205,331 205,331
Deferred tax 741,961 741,961
947,292 947,292

G.B. KENT & SONS PLC (REGISTERED NUMBER: 00066471)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 947,292
Movement in the year
Balance at 31 December 2024 947,292

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
60,000 Ordinary 12.5p 7,500 7,500
200,000 Preference 62.5p 125,000 125,000
1 C Ordinary £1 1 1
132,501 132,501

18. ULTIMATE PARENT COMPANY

Cosby Brushes (CHRH) limited (incorporated in England and Wales ) is regarded by the directors as being the company's ultimate parent company.

19. CONTINGENT LIABILITIES

The company has a Customs and Excise deferment guarantee of £10,000 (2023: £10,000).

The company received a claim from a former employee in regards to a historic health condition where a potential liability may arise on the company. The company is currently in the process of liaising with legal advisers and insurance providers. It is the opinion of the directors that any such liability will be mainly covered by their insurance providers.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, the company was owed £53,602 (2023: £52,657) by the directors, interest is charged on the outstanding balance.

21. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A H L Cosby.