REGISTERED NUMBER: 02208663 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

G.N.G. FOAM CONVERTERS (LANCS) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs. A. Needham

Miss G. Press

M. P. Needham

M. A. Burke

SECRETARY:

Miss G. Press

REGISTERED OFFICE:

Penndale Industrial Estate

Todmorden Road

Littleborough

Lancashire

OL15 9EG

REGISTERED NUMBER:

02208663 (England and Wales)

ACCOUNTANTS:

TC Group

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

BANKERS:

Barclays Bank PLC

1 Yorkshire Street

Rochdale

Lancashire

FIXED ASSETS

Tangible assets

4

742,162

797,105

CURRENT ASSETS

Stocks

151,821

155,601

Debtors

1,490,457

1,242,208

Cash at bank and in hand

2,636,951

2,766,731

4,279,229

4,164,540

CREDITORS

Amounts falling due within one year

977,954

928,951

NET CURRENT ASSETS

3,301,275

3,235,589

TOTAL ASSETS LESS CURRENT LIABILITIES

4,043,437

4,032,694

CREDITORS

Amounts falling due after more than one year

(70,422

)

(84,756

)

PROVISIONS FOR LIABILITIES

(58,817

)

(67,311

)

NET ASSETS

3,914,198

3,880,627

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Revaluation reserve

6

218,022

218,022

Retained earnings

3,686,176

3,652,605

SHAREHOLDERS' FUNDS

3,914,198

3,880,627

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 30 November 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2026 and were signed on its behalf by:

M. P. Needham - Director

1.	STATUTORY INFORMATION

G.N.G. Foam Converters (Lancs) 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.

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 as modified by the revaluation of certain assets.

Functional and presentation currency

The individual financial statements are presented in the currency of the primary economic environment in which the entity operates that being the United Kingdom. For the purpose of the financial statements, the results and financial position are presented in Sterling (£).

Significant judgements and estimates

In the process of applying the entity’s accounting policies management have not made any judgements that would have a significant effect on the amounts recognised in the financial statements. No estimations have been made that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

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

Turnover from the sale of foam products as specified in the strategic report is recognised when all of the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction can be measured reliably;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets

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

Plant and machinery

-

15% on net book value

Fixtures and fittings

-

15% on net book value

Motor vehicles

-

25% on net book value

Computer equipment

-

33% on cost

No depreciation as been provided on the freehold property as the land value is considered to be in excess of cost.

Stocks

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

Financial instruments

Basic financial assets including trade debtors and other debtors, and cash and bank balances are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets, are assessed for indicators of impairment at the end of each accounting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Investments comprise of a managed fund of investments in quoted bonds and gilts which are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using the quoted values stated at the balance sheet date.

Trade creditors and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2024 - 65 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 December 2024

4,335,032

Additions

55,916

Disposals

(70,690

)

At 30 November 2025

4,320,258

DEPRECIATION

At 1 December 2024

3,537,927

Charge for year

70,802

Eliminated on disposal

(30,633

)

At 30 November 2025

3,578,096

NET BOOK VALUE

At 30 November 2025

742,162

At 30 November 2024

797,105

Cost or valuation at 30 November 2025 is represented by:

Totals

£

Valuation in 1990

250,000

Cost

4,070,258

4,320,258

Fixed assets, included in the above, which are held under finance leases are as follows:

Totals

£

COST OR VALUATION

At 1 December 2024

133,596

Additions

39,916

Disposals

(45,690

)

At 30 November 2025

127,822

DEPRECIATION

At 1 December 2024

56,246

Charge for year

20,750

Eliminated on disposal

(11,423

)

At 30 November 2025

65,573

NET BOOK VALUE

At 30 November 2025

62,249

At 30 November 2024

77,350

5.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Finance leases

87,384

101,512

6.

RESERVES

Revaluation

reserve

£

At 1 December 2024

and 30 November 2025

218,022