REGISTERED NUMBER: 01311632 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Gablesea Glass Fibre Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

151,206

192,925

CURRENT ASSETS

Stocks

435,805

445,415

Debtors

5

1,438,185

1,293,247

Cash at bank and in hand

255,878

688,962

2,129,868

2,427,624

CREDITORS

Amounts falling due within one year

6

1,129,256

1,515,985

NET CURRENT ASSETS

1,000,612

911,639

TOTAL ASSETS LESS CURRENT LIABILITIES

1,151,818

1,104,564

PROVISIONS FOR LIABILITIES

28,307

36,653

NET ASSETS

1,123,511

1,067,911

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,123,411

1,067,811

SHAREHOLDERS' FUNDS

1,123,511

1,067,911

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

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

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

1.	STATUTORY INFORMATION

Gablesea Glass Fibre 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:

01311632

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

Significant judgements and estimates

The company 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.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

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 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.

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.

Pension costs and other post-retirement benefits

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

Debtors

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

13,344

138,524

350,404

502,272

Additions

-

7,453

-

7,453

At 31 December 2024

13,344

145,977

350,404

509,725

DEPRECIATION

At 1 January 2024

13,344

131,197

164,806

309,347

Charge for year

-

2,773

46,399

49,172

At 31 December 2024

13,344

133,970

211,205

358,519

NET BOOK VALUE

At 31 December 2024

-

12,007

139,199

151,206

At 31 December 2023

-

7,327

185,598

192,925

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

419,312

770,301

Due from related companies

1,000,000

500,000

Prepayments

18,873

22,946

1,438,185

1,293,247

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

435,925

676,742

Amounts owed to group undertakings

300,000

400,000

Tax

77,613

108,415

Social security and other taxes

24,683

26,873

VAT

67,945

89,180

Accrued expenses

223,090

214,775

1,129,256

1,515,985

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

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, J B 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. In addition the company also have a debenture on all assets of the company dated 23/11/1989.

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

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

The Report of the Auditors was unqualified.

Sharon Westbury FCA (Senior Statutory Auditor)

for and on behalf of Milnes & Co

9.	ULTIMATE CONTROLLING PARTY