IRIS Accounts Production v25.2.0.378 01259550 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01259550 2023-12-31 01259550 2024-12-31 01259550 2024-01-01 2024-12-31 01259550 2022-12-31 01259550 2023-01-01 2023-12-31 01259550 2023-12-31 01259550 ns15:EnglandWales 2024-01-01 2024-12-31 01259550 ns14:PoundSterling 2024-01-01 2024-12-31 01259550 ns10:Director1 2024-01-01 2024-12-31 01259550 ns10:Director2 2024-01-01 2024-12-31 01259550 ns10:Consolidated 2024-12-31 01259550 ns10:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 01259550 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01259550 ns10:Consolidated ns10:MediumEntities 2024-01-01 2024-12-31 01259550 ns10:Consolidated ns10:Audited 2024-01-01 2024-12-31 01259550 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 01259550 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01259550 ns10:Consolidated 2024-01-01 2024-12-31 01259550 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 01259550 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01259550 ns10:FullAccounts 2024-01-01 2024-12-31 01259550 ns5:Subsidiary1 2024-01-01 2024-12-31 01259550 ns5:Subsidiary2 2024-01-01 2024-12-31 01259550 1 2024-01-01 2024-12-31 01259550 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 01259550 ns10:Director5 2024-01-01 2024-12-31 01259550 ns10:Director3 2024-01-01 2024-12-31 01259550 ns10:Director4 2024-01-01 2024-12-31 01259550 ns10:Consolidated 2023-01-01 2023-12-31 01259550 ns5:CurrentFinancialInstruments 2024-12-31 01259550 ns5:CurrentFinancialInstruments 2023-12-31 01259550 ns5:ShareCapital 2024-12-31 01259550 ns5:ShareCapital 2023-12-31 01259550 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01259550 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 01259550 ns5:ShareCapital 2022-12-31 01259550 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 01259550 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01259550 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01259550 ns10:RegisteredOffice 2024-01-01 2024-12-31 01259550 ns5:NetGoodwill 2024-01-01 2024-12-31 01259550 ns5:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 01259550 ns5:LandBuildings ns5:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01259550 ns5:LeaseholdImprovements 2024-01-01 2024-12-31 01259550 ns5:PlantMachinery 2024-01-01 2024-12-31 01259550 ns5:FurnitureFittings 2024-01-01 2024-12-31 01259550 ns5:MotorVehicles 2024-01-01 2024-12-31 01259550 ns5:ComputerEquipment 2024-01-01 2024-12-31 01259550 ns5:LandBuildings 2023-12-31 01259550 ns5:LeaseholdImprovements 2023-12-31 01259550 ns5:PlantMachinery 2023-12-31 01259550 ns5:LandBuildings 2024-01-01 2024-12-31 01259550 ns5:LandBuildings 2024-12-31 01259550 ns5:LeaseholdImprovements 2024-12-31 01259550 ns5:PlantMachinery 2024-12-31 01259550 ns5:LandBuildings 2023-12-31 01259550 ns5:LeaseholdImprovements 2023-12-31 01259550 ns5:PlantMachinery 2023-12-31 01259550 ns5:MotorVehicles 2023-12-31 01259550 ns5:ComputerEquipment 2023-12-31 01259550 ns5:MotorVehicles 2024-12-31 01259550 ns5:ComputerEquipment 2024-12-31 01259550 ns5:MotorVehicles 2023-12-31 01259550 ns5:ComputerEquipment 2023-12-31 01259550 ns5:CostValuation 2023-12-31 01259550 ns5:UnlistedNon-exchangeTraded ns5:CostValuation 2023-12-31 01259550 ns5:UnlistedNon-exchangeTraded 2024-12-31 01259550 ns5:UnlistedNon-exchangeTraded 2023-12-31 01259550 1 ns5:Subsidiary1 2024-01-01 2024-12-31 01259550 ns5:Subsidiary1 2024-12-31 01259550 ns5:Subsidiary1 2023-12-31 01259550 ns5:Subsidiary1 2023-01-01 2023-12-31 01259550 ns5:Subsidiary2 3 2024-01-01 2024-12-31 01259550 ns5:Subsidiary2 2024-12-31 01259550 ns5:Subsidiary2 2023-12-31 01259550 ns5:Subsidiary2 2023-01-01 2023-12-31 01259550 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 01259550 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 01259550 ns5:Secured 2024-12-31 01259550 ns5:Secured 2023-12-31 01259550 ns5:DeferredTaxation 2023-12-31 01259550 ns5:DeferredTaxation 2024-01-01 2024-12-31 01259550 ns5:DeferredTaxation 2024-12-31 01259550 ns10:OrdinaryShareClass1 2024-12-31 01259550 ns5:RetainedEarningsAccumulatedLosses 2023-12-31

REGISTERED NUMBER: 01259550 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Gablesea Limited

| Gablesea Limited (Registered number: 01259550) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

| Group Strategic Report | 1 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| Gablesea Limited (Registered number: 01259550) |

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal strategic objective of the group is to maintain (and increase where possible) its market share, and to therefore sustain its turnover at a consistent level, or indeed increase where possible through organic growth within the business.

Hand in hand with the groups strategic objective is its key financial objective of constantly monitoring the prices in the metal commodities market, adapting swiftly to significant changes in price, and reacting appropriately in order to achieve a consistent gross profit percentage.

The group has met its financial objectives and this can be illustrated by the key performance indicator data set out below:

| 31 December 2024 |  | 31 December 2023 |

Turnover |  | £17,911,183 |  | £20,349,245 |

Gross profit percentage |  | 32.4% |  | 30.7% |

Development and future outlook

The group does not have a specified development plan to achieve its strategic objective, and so will focus on continuing to deliver good quality products to its customer accompanied by good service levels, in pursuance of maintaining its market share.

In terms of monitoring its financial position, the company is also keenly aware of the relevance of at least maintaining its net asset position year on year, due to its impact on credit ratings. Each and every year the group achieves this objective.

| Gablesea Limited (Registered number: 01259550) |

Group Strategic Report

for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The management continually monitor the key risks facing the group. The principal risks facing the company are as follows;

Metal Markets price fluctuation

The metals market has always been fluid and the price of metal can change both upwards and downwards for a variety of reasons. This uncertainty requires the company to be adaptable to market conditions and to react quickly to price changes.

The group has recognised additional financial and operational risks which are directly related to end of the EU Withdrawal Transitional Period, and has worked very hard to formulate and implement appropriate responses to these risks.

Reliance on key customers

The group acknowledges the importance of maintaining close relationships with its key customers and management use their considerable experience to ensure our products fulfil customer needs and aspirations completely.

Reliance on key suppliers

The management continue to monitor the performance of key suppliers to ensure the highest quality products are manufactured to the standards which we and our customers expect.

Retention of key personnel

Our management team enables the group to ensure the high quality of service is maintained. We seek to ensure our personnel are appropriately remunerated to ensure good performance is recognised.

Currency risk

The group's principal foreign exposures arrive from trading with overseas companies. The group policy permits but does not demand that these exposure may be hedged in order to fix the cost of sterling. This hedging activity involves the use of foreign exchange forward contracts.

ON BEHALF OF THE BOARD:

Miss C J Barrick F.C.C.A. - Director

4 September 2025

| Gablesea Limited (Registered number: 01259550) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the distribution of aluminium products.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

J M Winn

Miss C J Barrick F.C.C.A.

P S Tempest

Other changes in directors holding office are as follows:

G P Wilson - deceased 13 December 2024

P A Snowden - resigned 30 April 2024

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

| Gablesea Limited (Registered number: 01259550) |

Report of the Directors

for the Year Ended 31 December 2024

AUDITORS

The auditors, Milnes & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Miss C J Barrick F.C.C.A. - Director

4 September 2025

Report of the Independent Auditors to the Members of

Gablesea Limited

Opinion

We have audited the financial statements of Gablesea Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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

Gablesea Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Gablesea Limited

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Group and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors' and 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 posting manual journal to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue cut off and significant one off or unusual transactions.

Our audit procedures were designed to respond to the identified risks, including non-compliance with laws and regulations and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;

- Communicating identified laws and regulations throughout of engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the Group which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as there may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Gablesea 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.

Sharon Westbury FCA (Senior Statutory Auditor)

for and on behalf of Milnes & Co

Statutory auditors

Premier House

Bradford Road

Cleckheaton

West Yorkshire

BD19 3TT

4 September 2025

| Gablesea Limited (Registered number: 01259550) |

Consolidated

Income Statement

for the Year Ended 31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 17,911,183 |  | 20,349,245 |  |

Cost of sales | 12,096,516 |  | 14,098,137 |  |

GROSS PROFIT | 5,814,667 |  | 6,251,108 |  |

Distribution costs | 2,787,394 |  | 2,728,352 |  |

Administrative expenses | 2,357,347 |  | 2,973,468 |  |

|  |  | 5,144,741 |  |  |  |  | 5,701,820 |  |

669,926 |  | 549,288 |  |

Other operating income | 224,000 |  | 224,360 |  |

OPERATING PROFIT | 5 | 893,926 |  | 773,648 |  |

Interest receivable and similar income | 5 |  | 5,834 |  |

893,931 |  | 779,482 |  |

Interest payable and similar expenses | 7 | (200 | ) | - |  |

PROFIT BEFORE TAXATION | 894,131 |  | 779,482 |  |

Tax on profit | 8 | 246,797 |  | 217,781 |  |

PROFIT FOR THE FINANCIAL YEAR | 647,334 |  | 561,701 |  |

Profit attributable to:

Owners of the parent | 647,334 |  | 561,701 |  |

| Gablesea Limited (Registered number: 01259550) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 647,334 |  | 561,701 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 647,334 |  | 561,701 |  |

Total comprehensive income attributable to:

Owners of the parent | 647,334 |  | 561,701 |  |

| Gablesea Limited (Registered number: 01259550) |

Consolidated Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 79,039 |  | 98,548 |  |

Tangible assets | 11 | 2,415,363 |  | 2,339,383 |  |

Investments | 12 | 53,304 |  | 53,304 |  |

2,547,706 |  | 2,491,235 |  |

CURRENT ASSETS

Stocks | 13 | 3,565,976 |  | 3,191,225 |  |

Debtors | 14 | 3,561,286 |  | 3,714,953 |  |

Cash at bank and in hand | 780,850 |  | 1,842,586 |  |

7,908,112 |  | 8,748,764 |  |

CREDITORS

Amounts falling due within one year | 15 | 4,368,758 |  | 5,806,561 |  |

NET CURRENT ASSETS | 3,539,354 |  | 2,942,203 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,087,060 |  | 5,433,438 |  |

PROVISIONS FOR LIABILITIES | 20 | 114,785 |  | 108,497 |  |

NET ASSETS | 5,972,275 |  | 5,324,941 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 9,951 |  | 9,951 |  |

Retained earnings | 22 | 5,962,324 |  | 5,314,990 |  |

SHAREHOLDERS' FUNDS | 5,972,275 |  | 5,324,941 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

J M Winn - Director

| Gablesea Limited (Registered number: 01259550) |

Company Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 2,021,956 |  | 2,020,678 |  |

Investments | 12 | 319,695 |  | 319,695 |  |

2,341,651 |  | 2,340,373 |  |

CURRENT ASSETS

Stocks | 13 | 2,527,613 |  | 2,133,050 |  |

Debtors | 14 | 1,994,249 |  | 2,180,364 |  |

Cash at bank and in hand | 224,942 |  | 464,460 |  |

4,746,804 |  | 4,777,874 |  |

CREDITORS

Amounts falling due within one year | 15 | 2,918,280 |  | 3,565,641 |  |

NET CURRENT ASSETS | 1,828,524 |  | 1,212,233 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,170,175 |  | 3,552,606 |  |

PROVISIONS FOR LIABILITIES | 20 | 48,548 |  | 56,009 |  |

NET ASSETS | 4,121,627 |  | 3,496,597 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 9,951 |  | 9,951 |  |

Retained earnings | 22 | 4,111,676 |  | 3,486,646 |  |

SHAREHOLDERS' FUNDS | 4,121,627 |  | 3,496,597 |  |

Company's profit for the financial year | 625,030 |  | 453,979 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

J M Winn - Director

| Gablesea Limited (Registered number: 01259550) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 9,951 |  | 4,753,289 |  | 4,763,240 |  |

Changes in equity

Total comprehensive income | - |  | 561,701 |  | 561,701 |  |

Balance at 31 December 2023 | 9,951 |  | 5,314,990 |  | 5,324,941 |  |

Changes in equity

Total comprehensive income | - |  | 647,334 |  | 647,334 |  |

Balance at 31 December 2024 | 9,951 |  | 5,962,324 |  | 5,972,275 |  |

| Gablesea Limited (Registered number: 01259550) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 9,951 |  | 3,032,667 |  | 3,042,618 |  |

Changes in equity

Total comprehensive income | - |  | 453,979 |  | 453,979 |  |

Balance at 31 December 2023 | 9,951 |  | 3,486,646 |  | 3,496,597 |  |

Changes in equity

Total comprehensive income | - |  | 625,030 |  | 625,030 |  |

Balance at 31 December 2024 | 9,951 |  | 4,111,676 |  | 4,121,627 |  |

| Gablesea Limited (Registered number: 01259550) |

Consolidated 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 | (297,241 | ) | 1,389,749 |  |

Interest paid | 200 |  | - |  |

Tax paid | (203,343 | ) | (89,005 | ) |

Net cash from operating activities | (500,384 | ) | 1,300,744 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (562,657 | ) | (673,029 | ) |

Sale of tangible fixed assets | 130,499 |  | 35,602 |  |

Interest received | 5 |  | 5,834 |  |

Net cash from investing activities | (432,153 | ) | (631,593 | ) |

Cash flows from financing activities

Amount introduced by directors | 209,000 |  | 407,587 |  |

Amount withdrawn by directors | (339,988 | ) | (582,597 | ) |

Net cash from financing activities | (130,988 | ) | (175,010 | ) |

(Decrease)/increase in cash and cash equivalents | (1,063,525 | ) | 494,141 |  |

Cash and cash equivalents at beginning of year | 2 | 1,842,586 |  | 1,348,445 |  |

Cash and cash equivalents at end of year | 2 | 779,061 |  | 1,842,586 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 894,131 |  | 779,482 |  |

| Depreciation charges | 393,140 |  | 352,094 |  |

| Profit on disposal of fixed assets | (17,454 | ) | (12,812 | ) |

| Finance costs | (200 | ) | - |  |

| Finance income | (5 | ) | (5,834 | ) |

1,269,612 |  | 1,112,930 |  |

| (Increase)/decrease in stocks | (374,751 | ) | 553,094 |  |

| Decrease/(increase) in trade and other debtors | 153,667 |  | (559,912 | ) |

| (Decrease)/increase in trade and other creditors | (1,345,769 | ) | 283,637 |  |

| Cash generated from operations | (297,241 | ) | 1,389,749 |  |

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 | 780,850 |  | 1,842,586 |  |

| Bank overdrafts | (1,789 | ) | - |  |

779,061 |  | 1,842,586 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 1,842,586 |  | 1,348,445 |  |

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 | 1,842,586 |  | (1,061,736 | ) | 780,850 |  |

| Bank overdrafts | - |  | (1,789 | ) | (1,789 | ) |

1,842,586 |  | (1,063,525 | ) | 779,061 |  |

| Total | 1,842,586 |  | (1,063,525 | ) | 779,061 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Gablesea Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

| Registered number: | 01259550

| Registered office: | Howley Park Industrial Estate

| Howley Park Road East

| Morley

| Leeds

| West Yorkshire

| LS27 0BN

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Business combinations and investment in subsidiaries

| Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values of the assets given, liabilities incurred or assumed.

| Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identified assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised separately on the face of the consolidated statement of position immediately below goodwill.

| The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

| Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

| Unlisted investments

| Investments in unlisted investments are accounted for at cost less impairment in the group financial statements.

| Significant judgements and estimates

| The group has not applied any significant judgements or estimates which could have a significant effect on the amounts recognised in its financial statements.

| Turnover

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

| Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill on consolidation, being the amount paid in excess of the value of net assets in connection with the acquisition of Service Metals (East Anglia) Limited is regarded as having a useful economic life of 10 years, this being due to the company carrying out the exact same trading activity as it's parent company.

| This was a change in accounting policy which has been implemented following transition to FRS 102 with effect from 1 January 2015..

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

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

| Freehold property | - | 2% on cost

| Improvements to property | - | 33% on cost and 10% on cost

| Plant and machinery | - | 25% on reducing balance and 15% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance and 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

| At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

| Stocks

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

| When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction costs, including transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

| Creditors

| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| United Kingdom | 17,876,843 |  | 20,314,386 |  |

| Europe | 34,340 |  | 33,925 |  |

| Rest of the World | - |  | 934 |  |

17,911,183 |  | 20,349,245 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 3,088,310 |  | 3,711,164 |  |

| Social security costs | 352,884 |  | 441,211 |  |

| Other pension costs | 137,685 |  | 112,560 |  |

3,578,879 |  | 4,264,935 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated 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:

| 31.12.24 |  | 31.12.23

| Administration | 32 |  | 30 |  |

| Distribution | 45 |  | 43 |  |

77 |  | 73 |  |

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 688,123 |  | 1,375,275 |  |

| Directors' pension contributions to money purchase schemes | 27,409 |  | 17,970 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Emoluments etc | 297,072 |  | 530,508 |  |

5. | OPERATING PROFIT

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Depreciation - owned assets | 373,632 |  | 332,591 |  |

| Profit on disposal of fixed assets | (17,454 | ) | (12,812 | ) |

| Goodwill amortisation | 19,509 |  | 19,504 |  |

| Foreign exchange differences | - |  | (360 | ) |

6. | AUDITORS' REMUNERATION

| 31.12.24 |  | 31.12.23

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 5,000 |  | 5,140 |  |

| Fees payable to the company's auditors for other services to the group: |

| The auditing of accounts of any associate of the company | 10,000 |  | 9,900 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Exchange losses (gains) | (200 | ) | - |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated 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 | 240,509 |  | 153,343 |  |

| Tax under / (over) provided | - |  | (219 | ) |

| Total current tax | 240,509 |  | 153,124 |  |

| Deferred tax | 6,288 |  | 64,657 |  |

| Tax on profit | 246,797 |  | 217,781 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 894,131 |  | 779,482 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %) | 223,533 |  | 183,334 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,402 |  | 4,083 |  |

| Depreciation in excess of capital allowances | 12,437 |  | 25,994 |  |

| Utilisation of tax losses | 1,549 |  | - |  |

| Prior period adjustment | - |  | (218 | ) |

| Goodwill | 4,876 |  | 4,588 |  |

| Total tax charge | 246,797 |  | 217,781 |  |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 195,040 |  |

| AMORTISATION

| At 1 January 2024 | 96,492 |  |

| Amortisation for year | 19,509 |  |

| At 31 December 2024 | 116,001 |  |

| NET BOOK VALUE

| At 31 December 2024 | 79,039 |  |

| At 31 December 2023 | 98,548 |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 January 2024 | 2,489,081 |  | 78,240 |  | 756,530 |  |

| Additions | - |  | - |  | 20,441 |  |

| Disposals | - |  | - |  | - |  |

| At 31 December 2024 | 2,489,081 |  | 78,240 |  | 776,971 |  |

| DEPRECIATION

| At 1 January 2024 | 1,020,210 |  | 78,240 |  | 697,135 |  |

| Charge for year | 49,744 |  | - |  | 13,837 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 December 2024 | 1,069,954 |  | 78,240 |  | 710,972 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,419,127 |  | - |  | 65,999 |  |

| At 31 December 2023 | 1,468,871 |  | - |  | 59,395 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 19,577 |  | 1,803,699 |  | 163,207 |  | 5,310,334 |  |

| Additions | - |  | 540,346 |  | 1,870 |  | 562,657 |  |

| Disposals | - |  | (444,583 | ) | - |  | (444,583 | ) |

| At 31 December 2024 | 19,577 |  | 1,899,462 |  | 165,077 |  | 5,428,408 |  |

| DEPRECIATION

| At 1 January 2024 | 19,158 |  | 1,012,577 |  | 143,631 |  | 2,970,951 |  |

| Charge for year | 105 |  | 304,585 |  | 5,361 |  | 373,632 |  |

| Eliminated on disposal | - |  | (331,538 | ) | - |  | (331,538 | ) |

| At 31 December 2024 | 19,263 |  | 985,624 |  | 148,992 |  | 3,013,045 |  |

| NET BOOK VALUE

| At 31 December 2024 | 314 |  | 913,838 |  | 16,085 |  | 2,415,363 |  |

| At 31 December 2023 | 419 |  | 791,122 |  | 19,576 |  | 2,339,383 |  |

| Company

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 January 2024 | 2,489,081 |  | 64,897 |  | 396,945 |  |

| Additions | - |  | - |  | 3,880 |  |

| Disposals | - |  | - |  | - |  |

| At 31 December 2024 | 2,489,081 |  | 64,897 |  | 400,825 |  |

| DEPRECIATION

| At 1 January 2024 | 1,020,210 |  | 64,897 |  | 363,775 |  |

| Charge for year | 49,744 |  | - |  | 5,557 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 December 2024 | 1,069,954 |  | 64,897 |  | 369,332 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,419,127 |  | - |  | 31,493 |  |

| At 31 December 2023 | 1,468,871 |  | - |  | 33,170 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 1,052,478 |  | 163,207 |  | 4,166,608 |  |

| Additions | 344,465 |  | 1,870 |  | 350,215 |  |

| Disposals | (332,427 | ) | - |  | (332,427 | ) |

| At 31 December 2024 | 1,064,516 |  | 165,077 |  | 4,184,396 |  |

| DEPRECIATION

| At 1 January 2024 | 553,417 |  | 143,631 |  | 2,145,930 |  |

| Charge for year | 185,055 |  | 5,361 |  | 245,717 |  |

| Eliminated on disposal | (229,207 | ) | - |  | (229,207 | ) |

| At 31 December 2024 | 509,265 |  | 148,992 |  | 2,162,440 |  |

| NET BOOK VALUE

| At 31 December 2024 | 555,251 |  | 16,085 |  | 2,021,956 |  |

| At 31 December 2023 | 499,061 |  | 19,576 |  | 2,020,678 |  |

12. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 53,304 |  |

| NET BOOK VALUE

| At 31 December 2024 | 53,304 |  |

| At 31 December 2023 | 53,304 |  |

| Company

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 266,391 |  | 53,304 |  | 319,695 |  |

| NET BOOK VALUE

| At 31 December 2024 | 266,391 |  | 53,304 |  | 319,695 |  |

| At 31 December 2023 | 266,391 |  | 53,304 |  | 319,695 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Gablesea Glassfibre Limited

| Registered office: Howley Park Industrial Estate, Howley Park Road East, Morley, Leeds, West Yorkshire, LS27 0BN

| Nature of business: Manufacture of Aluminium and Fibreglass Products

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 1,123,511 |  | 1,067,911 |  |

| Profit for the year | 355,600 |  | 465,901 |  |

| Service Metals(East Anglia)Limited

| Registered office: Howley Park Industrial Estate, Howley Park Road East, Morley, Leeds, West Yorkshire, LS27 0BN

| Nature of business: Distributor of Aluminium Products

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.12.24 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 914,490 |  | 928,276 |  |

| (Loss)/profit for the year | (13,786 | ) | 61,325 |  |

13. | STOCKS

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Goods for resale | 3,565,976 |  | 3,191,225 |  | 2,527,613 |  | 2,133,050 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade debtors | 2,104,699 |  | 2,730,199 |  | 1,329,957 |  | 1,502,453 |  |

| Amounts owed by group undertakings | - |  | - |  | 300,000 |  | 400,000 |  |

| Owed by related companies | 1,000,000 |  | 500,000 |  | - |  | - |  |

| Prepayments | 456,587 |  | 484,754 |  | 364,292 |  | 277,911 |  |

3,561,286 |  | 3,714,953 |  | 1,994,249 |  | 2,180,364 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 16) | 1,789 |  | - |  | 2,157 |  | - |  |

| Trade creditors | 2,517,393 |  | 2,906,793 |  | 1,637,930 |  | 1,591,692 |  |

| Tax | 190,509 |  | 153,343 |  | 137,508 |  | 20,317 |  |

| Social security and other taxes | 86,171 |  | 96,774 |  | 46,456 |  | 52,919 |  |

| Inland Revenue settlement | - |  | 110,514 |  | - |  | 110,514 |  |

| VAT | 371,831 |  | 428,213 |  | 278,447 |  | 326,317 |  |

| Owed to related companies | 61,312 |  | 61,312 |  | 61,312 |  | 61,312 |  |

| Directors' current accounts | 343,558 |  | 474,546 |  | 299,558 |  | 364,546 |  |

| Accrued expenses | 796,195 |  | 1,575,066 |  | 454,912 |  | 1,038,024 |  |

4,368,758 |  | 5,806,561 |  | 2,918,280 |  | 3,565,641 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | 1,789 |  | - |  | 2,157 |  | - |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | - |  | 55,000 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank overdraft | 1,789 |  | - |  | 2,157 |  | - |  |

| There is a cross guarantee in connection with the banking facilities of all related and group companies as follows:- Gablesea Limited, Gablesea Glassfibre Limited, Servemet (NW) Limited, Service Metals (Midlands) Limited, Service Metals (South) Limited, Service Metals (North) Limited, Service Metals (East Anglia) Limited, Service Metals Painting & Fabrications Limited, Switchblade Metals Limited, JB Components Limited, Service Metals (Ireland) Limited. The amount of overdraft guaranteed in respect of all related and group companies is £3,000,000 at the date of producing these financial accounts..

| Hire purchase balances are secured against the assets to which they relate.

19. | FINANCIAL INSTRUMENTS

|  | 2024 |  | 2023 |  |

| Financial assets that are debt instruments measured at transaction price: |  |

| Trade debtors |  | 2,104,199 |  | 2,730,199 |  |

| Other debtors |  | 1,000,000 |  | 500,000 |  |

| Cash at bank and in hand |  | 780,850 |  | 1,842,586 |  |

|  | 3,885,549 |  | 5,072,785 |  |

| Financial liabilities measured at transaction price: |  |

| Bank loans and overdrafts |  | 1,789 |  | - |  |

| Trade creditors and accruals |  | 3,311,526 |  | 4,481,859 |  |

| Finance lease |  | - |  | - |  |

| Other creditors |  | 404,870 |  | 535,858 |  |

|  | 3,718,185 |  | 5,017,717 |  |

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 114,785 |  | 108,497 |  | 48,548 |  | 56,009 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

20. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 108,497 |  |

| Provided during year | 6,288 |  |

| Balance at 31 December 2024 | 114,785 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 56,009 |  |

| Provided during year | (7,461 | ) |

| Balance at 31 December 2024 | 48,548 |  |

| The deferred tax balance for the group includes a deferred tax asset in the sum of £9,821 in relation to a subsidiary's unrelieved trading loss which is being carried forward. The remainder of the group deferred taxation balances arises as a result of short term timing differences between the writing off of fixed asset balances in the company's financial statements and the tax allowances being claimed thereon.

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 9,951 | Ordinary | £1 | 9,951 |  | 9,951 |  |

22. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 January 2024 | 5,314,990 |  |

| Profit for the year | 647,334 |  |

| At 31 December 2024 | 5,962,324 |  |

| Company

| Retained

| earnings

£ |

| At 1 January 2024 | 3,486,646 |  |

| Profit for the year | 625,030 |  |

| At 31 December 2024 | 4,111,676 |  |

| Gablesea Limited (Registered number: 01259550) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

22. | RESERVES - continued

23. | RELATED PARTY DISCLOSURES

| Other related parties |

| During the year Gablesea Group Limited had the following transactions with related companies. The related companies are under the common control of the directors J.M. Winn, and G.P. Wilson.

| Related Party Debtors/(Creditors) |  | 31.12.24 |  | 31.12.23 |  |

| Amounts falling due within one year |  |

| Servemet (NW) Limited - Debtor |  | 1,000,000 |  | 500,000 |  |

| Morley Hotels and Leisure Limited - Creditor |  | - 61,312 |  | -61,312 |  |

| Totals |  | 938,688 |  | 438,688 |  |

| All other inter company loan account balances will be discharged in full and no provisions are required.

| In addition to the inter company loans there is also direct trading between the related parties and the group on a commercial basis which is included in Trade Debtors and Trade Creditors as follows:-

| Trade Debtors |  | £ |  |

| Amounts owed by related parties (included in trade debtors) at the beginning of the year |  | 320,141 |  |

| Goods sold to related parties (included in turnover) |  | 1,770,401 |  |

| Amounts owed by related parties (included in trade debtors) at the end of the year |  | 147,033 |  |

| Trade Creditors |  | £ |  |

| Amounts owed by related parties (included in trade creditors) at the beginning of the year |  | 421,244 |  |

| Goods purchased from related parties (included in cost of sales) |  | 2,587,717 |  |

| Amounts owed by related parties (included in trade creditors) at the beginning of the year |  | 171,562 |  |

| These balances are discharged in the normal course of business and no provisions are required.

| The directors provided an interest free loan to the company.

| Amount due to related party as at 31st December 2024 - £343,558 and in 2023 the balance was £474,546.

24. | ULTIMATE CONTROLLING PARTY

| The company is ultimately controlled by the director / shareholders J M Winn, and Executors of G P Wilson Estate.