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REGISTERED NUMBER: 06014038 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

EUROGLAZE LIMITED

EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EUROGLAZE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: Mrs S Nettleton
M E Nettleton





SECRETARY: Mrs S Nettleton





REGISTERED OFFICE: 36-40 Doncaster Road
Barnsley
South Yorkshire
S70 1TL





REGISTERED NUMBER: 06014038 (England and Wales)





ACCOUNTANTS: Seaman Herbert & Co
36 - 40 Doncaster Road
Barnsley
South Yorkshire
S70 1TL

EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 18,059 25,936
Tangible assets 5 1,091,830 700,703
1,109,889 726,639

CURRENT ASSETS
Stocks 6 646,528 524,319
Debtors 7 182,153 252,683
Cash at bank and in hand 222,004 147,856
1,050,685 924,858
CREDITORS
Amounts falling due within one year 8 760,961 658,592
NET CURRENT ASSETS 289,724 266,266
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,399,613

992,905

CREDITORS
Amounts falling due after more than one
year

9

(455,383

)

(437,335

)

PROVISIONS FOR LIABILITIES 11 (99,888 ) (70,206 )

ACCRUALS AND DEFERRED INCOME (56,496 ) (17,214 )
NET ASSETS 787,846 468,150

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 236,918 124,473
Retained earnings 550,828 343,577
SHAREHOLDERS' FUNDS 787,846 468,150

EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

BALANCE SHEET - continued
31 DECEMBER 2021


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Profit & Loss Account and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2022 and were signed on its behalf by:





M E Nettleton - Director


EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Euroglaze 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2014, has been fully amortised.

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.

The amortisation of development costs will commence on completion of the project.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - at varying rates on cost

Stocks
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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account 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.


EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 51 (2020 - 41 ) .

4. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 January 2021
and 31 December 2021 5,238 39,393 44,631
AMORTISATION
At 1 January 2021 5,238 13,457 18,695
Amortisation for year - 7,877 7,877
At 31 December 2021 5,238 21,334 26,572
NET BOOK VALUE
At 31 December 2021 - 18,059 18,059
At 31 December 2020 - 25,936 25,936

EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST OR VALUATION
At 1 January 2021 400,000 317,332 30,843
Additions 211,179 34,643 19,840
Revaluations 138,821 - -
At 31 December 2021 750,000 351,975 50,683
DEPRECIATION
At 1 January 2021 - 89,581 23,620
Charge for year - 33,182 5,422
At 31 December 2021 - 122,763 29,042
NET BOOK VALUE
At 31 December 2021 750,000 229,212 21,641
At 31 December 2020 400,000 227,751 7,223

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2021 69,756 53,379 871,310
Additions 22,650 27,660 315,972
Revaluations - - 138,821
At 31 December 2021 92,406 81,039 1,326,103
DEPRECIATION
At 1 January 2021 14,901 42,505 170,607
Charge for year 17,424 7,638 63,666
At 31 December 2021 32,325 50,143 234,273
NET BOOK VALUE
At 31 December 2021 60,081 30,896 1,091,830
At 31 December 2020 54,855 10,874 700,703

Cost or valuation at 31 December 2021 is represented by:

Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
Valuation in 2014 86,529 65,288 -
Valuation in 2021 138,821 - -
Cost 524,650 286,687 50,683
750,000 351,975 50,683

EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2014 - - 151,817
Valuation in 2021 - - 138,821
Cost 92,406 81,039 1,035,465
92,406 81,039 1,326,103

If leasehold land and buildings had not been revalued they would have been included at the following historical cost:

2021 2020
£    £   
Cost 524,650 313,471

Value of land in freehold land and buildings 132,000 132,000

Leasehold land and buildings were valued on an open market basis basis on 6 October 2021 by PPH Commercial .

6. STOCKS
2021 2020
£    £   
Stocks 605,526 485,226
Work-in-progress 41,002 39,093
646,528 524,319

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 158,836 230,857
Other debtors - 22
Prepayments 23,317 21,804
182,153 252,683

EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 54,809 52,564
Hire purchase contracts and finance leases 39,201 21,081
Trade creditors 355,391 321,729
Tax 82,713 28,500
Social security and other taxes 22,038 18,068
VAT 115,443 146,365
Other creditors 12,443 2,881
Accrued expenses 78,923 65,473
Deferred government grants - 1,931
760,961 658,592

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans - 1-2 years 54,809 52,564
Bank loans - 2-5 years 143,214 157,691
Bank loans more 5 yr by instal 87,464 132,294
Hire purchase contracts and finance leases 169,896 94,786
455,383 437,335

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 87,464 132,294
Finance leases 34,311 -
121,775 132,294

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 340,296 395,113
Hire purchase contracts and finance leases 209,097 115,867
549,393 510,980

Barclays Bank plc held a legal charge over the company property, and a debenture on the banks standard form in respect of the loan to the company. Additionally, the company's director, Mr M Nettleton provided a personal guarantee to the sum of £50,000.

11. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 99,888 70,206

EUROGLAZE LIMITED (REGISTERED NUMBER: 06014038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2021 70,206
Provided during year 29,682
Balance at 31 December 2021 99,888

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
96 Ordinary A £1 96 96
1 Ordinary B £1 1 1
1 Orsdinary C £1 1 1
1 Ordinary D £1 1 1
1 Ordinary E £1 1 1
100 100

13. RESERVES
Revaluation
reserve
£   
At 1 January 2021 124,473
Revaluation reserve 138,821
Deferred tax adjustment (26,376 )

At 31 December 2021 236,918

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company's director, Mr M E Nettleton, provided a personal guarantee to the sum of £50,000 in favour of Barclays Bank plc in respect of a property loan advanced to the company.