ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 07872660

Joseph Gleave & Son (Holdings) Limited

Annual report and consolidated financial statements

For the Year Ended 31 December 2024

Joseph Gleave & Son (Holdings) Limited

Company Information

Director	J A Shaw


Registered number	07872660


Registered office	Beech House
	995 Chester Road
	Stretford
	Manchester
	Lancashire
	M32 0NB


Independent auditors	Hurst Accountants Limited
	Chartered Accountants & Statutory Auditors
	3 Stockport Exchange
	Stockport
	Cheshire
	SK1 3GG


Bankers	National Westminster Bank PLC
	1st Floor
	1 Hardman Boulevard
	Manchester
	M3 3AQ

Joseph Gleave & Son (Holdings) Limited

Contents

	Page
Group Strategic Report	1
Director's Report	2 - 3
Independent Auditors' Report	4 - 7
Consolidated Statement of Income and Retained Earnings	8
Consolidated Statement of Financial Position	9
Company Statement of Financial Position	10
Consolidated Statement of Cash Flows	11
Consolidated Analysis of Net Debt	12
Notes to the Financial Statements	13 - 26

Joseph Gleave & Son (Holdings) Limited

Group Strategic Report

For the Year Ended 31 December 2024

Principal activities

The principal activity of the company is that of a holding company of a trading entity who's principal activity is industrial supply specialists.

Business review

This year has been challenging for the Group, however despite this, the Group has seen a 3% increase in income compared
with the previous year’s increase of 26%. The Group’s core market sectors remain highly competitive, requiring
diversification into different and emerging markets; nevertheless, the director is satisfied with the result.

Principal risks and uncertainties

The principal risk the group is exposed to relates to its trading activities and financial instruments set out below.
Financial instruments
The group’s principal financial instruments comprise of cash and bank deposits, together with trade debtors and trade creditors that arise directly from its operations. The main risks arising from the company’s financial instruments are considered to be liquidity, credit and currency risk.
Liquidity risk
The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Credit risk
The group’s credit risk is primarily attributable to trade debtors. Credit risk is managed by monitoring the aggregate amount and the duration of the exposure to any one customer depending upon their credit limit which is based on a combination of payment history and third-party credit references.
Currency risk
The group is exposed to currency exchange risk due to a proportion of its payables and cost of sales being denominated in non-Sterling currencies. The net exposure of each currency is monitored and managed.

Financial key performance indicators

Key performance indicators – The director manages the company’s operations by monitoring the margin and turnover of
each individual stock line. The gross margin achieved in the year was 28.0% (2023: 21.5%).

Other key performance indicators

The company is accredited by Internationally recognised Management Systems covering Quality, Environmental, Health & Safety and Business Continuity – with each system setting-put a range of KPI’s and objectives to ensure the company’s development for continuous improvement.

This report was approved by the board and signed on its behalf.

................................................

J A Shaw

Director

Date: 26 September 2025

Page 1

Joseph Gleave & Son (Holdings) Limited

Director's Report

For the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director

The director who served during the year was:

J A Shaw

Results and dividends

The profit for the year, after taxation, amounted to £1,884,310 (2023 -£885,751).

The director did not recommend the payment of any dividends in the year (2023: £Nil). The director does not recommend the payment of a final dividend.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Future developments

The business expects to continue trading in line with previous periods.

Qualifying third party indemnity provisions
Insurance policies are in place that indemnify the Director against liability when acting for Joseph Gleave & Son (Holdings) Limited.

Page 2

Joseph Gleave & Son (Holdings) Limited

Director's Report (continued)

For the Year Ended 31 December 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

J A Shaw

Director

Date: 26 September 2025

Page 3

Joseph Gleave & Son (Holdings) Limited

Independent Auditors' Report to the Members of Joseph Gleave & Son (Holdings) Limited

Opinion

We have audited the financial statements of Joseph Gleave & Son (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, 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's 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 United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Page 4

Joseph Gleave & Son (Holdings) Limited

Independent Auditors' Report to the Members of Joseph Gleave & Son (Holdings) Limited (continued)

Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

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 Director's Report.

We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

Joseph Gleave & Son (Holdings) Limited

Independent Auditors' Report to the Members of Joseph Gleave & Son (Holdings) Limited (continued)

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 an Auditors' Report 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 Group financial statements.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

∙The nature of the industry and sector in which the Group operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.

∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.

∙Supporting documentation relating to the Group's policies and procedures for:

°Identifying, evaluating, and complying with laws and regulations

°Detecting and responding to the risks of fraud

∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

∙The legal and regulatory framework in which the Group operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Group, including General Data Protection requirements, and Anti Bribery and Corruption legislation.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:

∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.

∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.

∙Enquiring of management about any actual and potential litigation and claims.

∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.

Page 6

Joseph Gleave & Son (Holdings) Limited

Independent Auditors' Report to the Members of Joseph Gleave & Son (Holdings) Limited (continued)

We have also considered the risk of fraud through management override of controls by:

∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.

∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws
and regulations are from the events and transactions reflected in the financial statements, the less likely we would become
aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.

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 Auditors' Report.

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 an Auditors' Report 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.

Anthony Woodings (Senior Statutory Auditor)

for and on behalf of

Hurst Accountants Limited

Chartered Accountants

Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG

26 September 2025

Page 7

Joseph Gleave & Son (Holdings) Limited

Consolidated Statement of Income and Retained Earnings

For the Year Ended 31 December 2024

	2024	2023
Note	£	£


Turnover	4	20,562,976	19,959,272
Cost of sales		(14,813,408)	(15,667,304)
Gross profit		5,749,568	4,291,968
Distribution costs		(510,831)	(458,929)
Administrative expenses		(3,180,134)	(2,873,976)
Operating profit	5	2,058,603	959,063
Interest receivable and similar income	9	474,462	244,913
Interest payable and similar expenses	10	(168)	(21,473)
Profit before tax		2,532,897	1,182,503
Tax on profit	11	(648,587)	(296,752)
Profit after tax		1,884,310	885,751



Retained earnings at the beginning of the year	7,035,723	6,149,972
	7,035,723	6,149,972
Profit for the year attributable to the owners of the parent	1,884,310	885,751
Retained earnings at the end of the year	8,920,033	7,035,723

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 13 to 26 form part of these financial statements.

Page 8

Joseph Gleave & Son (Holdings) Limited

Registered number: 07872660

Consolidated Statement of Financial Position

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	12		2,733,309		2,793,117
			2,733,309		2,793,117
Current assets
Stocks	14	2,284,345		1,696,208
Debtors: amounts falling due within one year	15	2,453,917		2,743,105
Cash at bank and in hand	16	12,535,890		10,472,275
		17,274,152		14,911,588
Creditors: amounts falling due within one year	17	(3,438,402)		(3,020,400)
Net current assets			13,835,750		11,891,188
Total assets less current liabilities			16,569,059		14,684,305
Provisions for liabilities
Deferred taxation	18	(13,648)		(13,204)
			(13,648)		(13,204)
Net assets			16,555,411		14,671,101

Capital and reserves
Called up share capital	19	100	100
Merger reserve	20	7,635,278	7,635,278
Profit and loss account	20	8,920,033	7,035,723
		16,555,411	14,671,101

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J A Shaw

Director

Date: 26 September 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 9

Joseph Gleave & Son (Holdings) Limited

Registered number: 07872660

Company Statement of Financial Position

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Investments	13		3,336,420		3,336,420
			3,336,420		3,336,420
Current assets
Debtors: amounts falling due within one year	15	-		6,999,779
Cash at bank and in hand	16	11,700,000		-
		11,700,000		6,999,779
Creditors: amounts falling due within one year	17	(4,700,221)		-
Net current assets			6,999,779		6,999,779
Total assets less current liabilities			10,336,199		10,336,199


Net assets			10,336,199		10,336,199

Capital and reserves
Called up share capital	19	100	100
Merger reserve	20	131,600	131,600
Profit and loss account		10,204,499	10,204,499
		10,336,199	10,336,199

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not 9presented its own Statement of Comprehensive Income in these financial statements.
The result for the parent company for the year was £nil (2023: £1,000,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J A Shaw

Director

Date: 26 September 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 10

Joseph Gleave & Son (Holdings) Limited

Consolidated Statement of Cash Flows

For the Year Ended 31 December 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	1,884,310	885,751
Adjustments for:
Depreciation of tangible assets	59,808	59,808
Interest paid	168	21,473
Interest received	(474,462)	(244,913)
Taxation charge	648,587	296,752
Increase in stocks	(588,137)	(417,007)
Decrease / (increase) in debtors	289,365	(554,331)
Increase in creditors	69,953	562,800
Corporation tax paid	(300,271)	(172,128)
Net cash generated from operating activities	1,589,321	438,205

Cash flows from investing activities
Interest received	474,462	244,913
Net cash from investing activities	474,462	244,913
Cash flows from financing activities
Interest paid	(168)	(21,473)
Net cash used in financing activities	(168)	(21,473)
Net increase in cash and cash equivalents	2,063,615	661,645
Cash and cash equivalents at beginning of year	10,472,275	9,810,630
Cash and cash equivalents at the end of year	12,535,890	10,472,275

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	12,535,890	10,472,275
	12,535,890	10,472,275

The notes on pages 13 to 26 form part of these financial statements.

Page 11

Joseph Gleave & Son (Holdings) Limited

Consolidated Analysis of Net Debt

For the Year Ended 31 December 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	10,472,275	2,063,615	12,535,890
	10,472,275	2,063,615	12,535,890

The notes on pages 13 to 26 form part of these financial statements.

Page 12

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

Joseph Gleave & Son (Holdings) Limited is a private company limited by shares and incorporated in England and Wales, registered number 07872660. The address of the registered office and principal place of business is Beech House, 995 Chester Road, Stretford, Manchester, Lancashire, M32 0NB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income and retained earnings and cashflow statement in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The Group has significant financial resources and a strong cash position and expects to continue generating positive cash flows and profits in future periods. The director has a reasonable expectation that the Group has adequate resources to continue operational existence for the foreseeable future and has supported this with future trading forecasts which cover a period of 12 months from the approval of the financial statements. With this, the financial statements have been prepared on a going concern basis.

Page 13

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.5

Revenue

Revenue is measured as 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 the significant risks and rewards of ownership of the goods
have passed to the buyer (usually on delivery to the customer), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 14

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%
Motor vehicles	-	30%
Fixtures and fittings	-	33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.14

Creditors

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

Page 16

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 the Statement of Comprehensive Income.
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 best estimate of the recoverable amount, 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.

Page 17

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions.
The director believes that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities of the Group within the next financial year.

Turnover

The whole of the turnover is attributable to the sale of goods and relates to the principal activity of the Group.

All turnover arose within the United Kingdom.

	Exchange differences	71,272	150,708
	Other operating lease rentals	3,900	1,300

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

22,100

20,900


	Taxation compliance services	3,000	2,900

Page 18

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

Employees

		Group	Group
		2024	2023
		£	£


Wages and salaries	1,593,274	1,347,652
Social security costs	589,228	597,536
Cost of defined contribution scheme	88,228	228,513
	2,270,730	2,173,701

The average monthly number of employees, including the director, during the year was as follows:

	2024	2023
	No.	No.

Employees, including directors	38	32

The Company has no employees other than the director, who did not receive any remuneration (2023 - £nil)

8.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	612,500	637,500
Group contributions to defined contribution pension schemes	4,430	168,060
	616,930	805,560

	The highest paid director received remuneration of £612,500 (2023 -£637,500).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,430 (2023 -£168,060).

9.	Interest receivable
		2024	2023
		£	£

Bank interest receivable

474,462

244,913

Page 19

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

	Other loan interest payable	168	21,473
		168	21,473

Corporation tax
Current tax on profits for the year	648,143	296,905
Adjustments in respect of previous periods	-	7,125

Total current tax	648,143	304,030

Deferred tax
Origination and reversal of timing differences	444	(7,278)
Total deferred tax	444	(7,278)


	Taxation on profit on ordinary activities	648,587	296,752

Page 20

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

11.Taxation (continued)

Profit on ordinary activities before tax

2,532,897

1,182,503

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -25%)	633,224	295,626
Effects of:
Expenses not deductible for tax purposes	2,184	10,691
Adjustments to tax charge in respect of prior periods	-	7,125
Changes in rates leading to a decrease in the tax charge	-	(21,700)
Intangible depreciation	12,290	12,290
Other differences leading to an increase (decrease) in the tax charge	889	(7,280)
Total tax charge for the year	648,587	296,752

There were no factors that may affect future tax charges.

Page 21

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

12.	Tangible fixed assets
	Group

	Freehold property	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 January 2024	3,757,888	100,520	1,541,093	5,399,501
At 31 December 2024	3,757,888	100,520	1,541,093	5,399,501
Depreciation
At 1 January 2024	982,998	82,293	1,541,093	2,606,384
Charge for the year on owned assets	49,158	10,650	-	59,808
At 31 December 2024	1,032,156	92,943	1,541,093	2,666,192
Net book value
At 31 December 2024	2,725,732	7,577	-	2,733,309
At 31 December 2023	2,774,890	18,227	-	2,793,117

Page 22

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

13.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2024	3,336,420
	At 31 December 2024	3,336,420

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Joseph Gleave & Son Limited	same as the company	Ordinary	100%
	United Tool Distribution Limited	same as the company	Ordinary	100%

14.	Stocks
		Group	Group
		2024	2023
		£	£

	Finished goods and goods for resale	2,284,345	1,696,208

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 23

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

15.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	1,762,568	2,356,346	-	-
Amounts owed by group undertakings	-	-	-	6,999,779
Other debtors	627,067	327,028	-	-
Prepayments	64,282	59,731	-	-
	2,453,917	2,743,105	-	6,999,779

Amounts due from group undertakings are repayable on demand, unsecured and bear no interest.

16.	Cash
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Cash at bank and in hand	12,535,890	10,472,275	11,700,000	-

17.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	1,069,720	807,991	-	-
Amounts owed to group undertakings	-	-	4,700,221	-
Corporation tax	660,286	312,414	-	-
Other taxation and social security	700,035	566,745	-	-
Other creditors	334	18,654	-	-
Accruals	1,008,027	1,314,596	-	-
	3,438,402	3,020,400	4,700,221	-

Amounts due to group undertakings are repayable on demand, unsecured and bear no interest.

Page 24

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

18.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	(13,204)	(20,482)
(Credit) / charged to profit or loss	(444)	7,278
At end of year	(13,648)	(13,204)

			2023

The provision for deferred taxation is made up as follows:
	Group	Group
	2024	2023
	£	£

Accelerated capital allowances

(13,648)

(13,204)

19.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

10,000 (2023 -10,000) Ordinary shares of £0.01 each	100	100

20.

Reserves

Merger Reserve

The balance on the merger reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in an acquisition made by the issue of shares.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses, net of dividends paid.

Page 25

Joseph Gleave & Son (Holdings) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

21.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £88,228 (2023: £228,513).
Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date.

22.	Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.

23.	Transactions with director
	Amounts owed by the director as at 31 December 2024 total £3,813 (2023: £80,748), which is included within other debtors. This balance was fully repaid post year end.

24.	Controlling party

Joseph Gleave & Son (Holdings) Limited is 100% owned and controlled by J A Shaw, who is considered to be the Group's ultimate controlling party.

Page 26