REGISTERED NUMBER: 01279266 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2025

for

Glasswell & Last Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Hudson

J T Hall

M E Harris

N Kilbourn

REGISTERED OFFICE:

28 Eastern Way

Bury St Edmunds

Suffolk

IP32 7AB

REGISTERED NUMBER:

01279266 (England and Wales)

ACCOUNTANTS:

Mead Accounting Limited

Chartered Certified Accountants

The Stables

Summer Road

Walsham Le Willows

Suffolk

IP31 3AJ

FIXED ASSETS

Tangible assets

5

425,554

443,488

CURRENT ASSETS

Stocks

416,379

1,404,027

Debtors

6

1,918,522

1,690,980

Cash at bank and in hand

301,536

618,112

2,636,437

3,713,119

CREDITORS

Amounts falling due within one year

7

1,538,892

2,230,836

NET CURRENT ASSETS

1,097,545

1,482,283

TOTAL ASSETS LESS CURRENT LIABILITIES

1,523,099

1,925,771

CREDITORS

Amounts falling due after more than one year

8

(50,990

)

(73,483

)

PROVISIONS FOR LIABILITIES

11

(52,606

)

(104,915

)

NET ASSETS

1,419,503

1,747,373

CAPITAL AND RESERVES

Called up share capital

12

153

153

Capital redemption reserve

13

147

147

Retained earnings

13

1,419,203

1,747,073

SHAREHOLDERS' FUNDS

1,419,503

1,747,373

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 18 June 2026 and were signed on its behalf by:

J T Hall - Director

M E Harris - Director

P J Hudson - Director

N Kilbourn - Director

1.	STATUTORY INFORMATION

Glasswell & Last Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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 sales of goods and work done is recognised when the significant risks and rewards of ownership have passed to the customer, the amount of revenue can be measured reliably and when it is probable that future economic benefit will flow to the entity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 10% on reducing balance

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments (but excluding investment properties), are assessed to determine whether there is an indication that those assets have suffered an impairment loss. If any indication arises, the recoverable amount is estimated and compared to its carrying amount to determine if an impairment loss has arisen.

If the recoverable amount is lower, the carrying amount of the asset is written down to its recoverable amount and an impairment loss is recognised in profit and loss.

Recoverable amount of the asset is the higher of its value in use and its net realisable value.

Stocks and work in progress

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

Financial instruments

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

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

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

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as 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, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.

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.

Hire purchase and leasing commitments

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

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

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2024 - 45 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2024

642,632

Additions

71,656

Disposals

(8,995

)

At 30 September 2025

705,293

DEPRECIATION

At 1 October 2024

199,144

Charge for year

85,148

Charge written back

(4,553

)

At 30 September 2025

279,739

NET BOOK VALUE

At 30 September 2025

425,554

At 30 September 2024

443,488

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2024

and 30 September 2025

117,240

DEPRECIATION

At 1 October 2024

13,744

Charge for year

7,322

At 30 September 2025

21,066

NET BOOK VALUE

At 30 September 2025

96,174

At 30 September 2024

103,496

6.

DEBTORS

30.9.25

30.9.24

£

£

Amounts falling due within one year:

Trade debtors

704,400

779,386

Other debtors

1,214,122

868,121

1,918,522

1,647,507

Amounts falling due after more than one year:

Trade debtors

-

43,473

Aggregate amounts

1,918,522

1,690,980

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Hire purchase contracts (see note 9)

22,502

22,511

Trade creditors

869,235

1,515,448

Amounts owed to group undertakings

47,000

50,000

Taxation and social security

534,605

620,203

Other creditors

65,550

22,674

1,538,892

2,230,836

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.25

30.9.24

£

£

Hire purchase contracts (see note 9)

50,990

73,483

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

30.9.25

30.9.24

£

£

Net obligations repayable:

Within one year

22,502

22,511

Between one and five years

50,990

73,483

73,492

95,994

Non-cancellable

operating leases

30.9.25

30.9.24

£

£

Within one year

93,080

-

Between one and five years

322,874

62,368

In more than five years

23,000

345,000

438,954

407,368

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.25

30.9.24

£

£

Hire purchase contracts

73,492

95,994

The hire purchase liability is secured on the assets held under the agreements.

11.	PROVISIONS FOR LIABILITIES

30.9.25

30.9.24

£

£

Deferred tax

Tax losses carried forward

(47,826

)

-

Accelerated capital allowances

100,432

104,915

52,606

104,915

Deferred

tax

£

Balance at 1 October 2024

104,915

Credit to Income Statement during year

(52,309

)

Balance at 30 September 2025

52,606

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.25

30.9.24

value:

£

£

153

Ordinary

£1

153

153

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 October 2024

1,747,073

147

1,747,220

Deficit for the year

(60,212

)

(60,212

)

Dividends

(267,658

)

(267,658

)

At 30 September 2025

1,419,203

147

1,419,350

14.	RELATED PARTY DISCLOSURES

The company has provided fixed and floating charges as guarantees for loans undertaken in the parent company.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is Hudson Kilbourn Harris Hall Associates Ltd.