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REGISTERED NUMBER: 11030365 (England and Wales)
















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR


ORIOLE GLASS HOLDINGS LIMITED


ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022











Page




Company Information  

1



Group Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

6



Consolidated Income Statement  

9



Consolidated Other Comprehensive Income  

10



Consolidated Statement of Financial Position  

11



Company Statement of Financial Position  

13



Consolidated Statement of Changes in Equity  

14



Company Statement of Changes in Equity  

15



Consolidated Statement of Cash Flows  

16



Notes to the Consolidated Statement of Cash Flows

17



Notes to the Consolidated Financial Statements

19




ORIOLE GLASS HOLDINGS LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2022









DIRECTORS:

W Leary


A A Barrell


D A Stoker


L Barrell







REGISTERED OFFICE:

Eagle House


28 Billing Road


Northampton


Northamptonshire


NN1 5AJ







BUSINESS ADDRESS:

5B Saddleback Road


Westgate Industrial Estate


Northampton


Northamptonshire


NN5 5HL







REGISTERED NUMBER:

11030365 (England and Wales)







AUDITORS:

DNG Dove Naish LLP, Statutory Auditor


Eagle House


28 Billing Road


Northampton


NN1 5AJ


ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022



The directors present their strategic report of the company and the group for the year ended 31 December 2022.


REVIEW OF BUSINESS

The results for the year and financial position of the group are as shown in the annexed financial statements.


The results show the fifth year of the group's UK holding company. In the years from 2010 through to 2017, the group had been consolidated in Singapore. The group produced a satisfactory financial performance. Total turnover on continuing operations amounted to £23,069,896 (2021: £22,797,675) and Net Profit before Tax finished at £1,266,427 (2021: £2,353,268); representing a net margin of 5.5% (2021: 10.3%) on sales.


Conditions in the UK market (where the group has its biggest operations) have continued to be very difficult, with the UK construction industry continuing to suffer  from the political uncertainties surrounding Brexit, global supply constraints, and substantial increases in energy costs.


Cash flow generated from operations remains strong.


The outlook for the coming financial year forecasts some moderate growth in terms of budgeted figures, as the group as a whole remains profitable and cashflows are strong.


The group continues to look for opportunities to expand and diversify within its specialist area.


PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks arising from the group's activities are foreign currency, interest rates, liquidity and credit risks.


Foreign currency risk

The group has exposure to foreign currency risk on the net assets of its foreign subsidiaries and as a result of engaging in transactions denominated in foreign currencies arising from its trading activities in the course of business. The main currencies that give rise to such risk are the Euro and US Dollar.


The group monitors exchange rate movements to ensure that this risk is kept within an acceptable level. This exposure is not hedged by any financial instruments.


Interest rate risk

The group is exposed to cash flow interest rate risk through the impact of rate changes on the group's variable rate borrowings. The group's policy in managing this risk is to obtain the most favourable interest rates available without increasing its exposure to foreign currency risk to any significant extent.


Liquidity risk

This is the risk of the group being unable to meet its cash flow obligations as and when they fall due.


In the management of liquidity risk, the group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the group's operations and mitigate the effects of fluctuations in cash flows.


Credit risk

Credit risk, or the risk of counter-parties defaulting, is managed through the application of credit approvals, credit limits and monitoring procedures. Surplus cash is placed only with financial institutions which are regulated.


The carrying amounts of bank balances and trade receivables represent the group's maximum exposure to credit risk in relation to financial assets. No other financial assets carry a significant exposure to credit risk.



ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022


KEY PERFORMANCE INDICATORS

The directors consider that turnover, gross profit and net profit before tax are the key performance indicators of the business. These key performance indicators are commercially sensitive and are closely monitored internally.


SIGNED BY ORDER OF THE DIRECTORS:






W Leary - Director



10 October 2023


ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2022



The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.


PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of glass processors, importers, wholesalers and distributors.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary £1 - £38.6760

A Ordinary £1 - £17.9760


The total distribution of dividends for the year ended 31 December 2022 was £1,786,770.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.


W Leary

A A Barrell

D A Stoker


Other changes in directors holding office are as follows:


P M Buckley - resigned 31 December 2022


L Barrell was appointed as a director after 31 December 2022 but prior to the date of this report.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.


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


-

select suitable accounting policies 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 company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.


ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2022



STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


SIGNED BY ORDER OF THE DIRECTORS:






W Leary - Director



10 October 2023


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ORIOLE GLASS HOLDINGS LIMITED



Opinion

We have audited the financial statements of Oriole Glass Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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 affairs as at 31 December 2022 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 UK, including the FRC'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 directors' 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 and 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 directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


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.


In connection with our audit of the financial statements, 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 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ORIOLE GLASS HOLDINGS LIMITED



Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors 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 Report of the Directors.


We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ORIOLE GLASS HOLDINGS LIMITED



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 a Report of the Auditors 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 financial statements.


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


We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.


We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.  We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.


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 Report of the Auditors.


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 a Report of the Auditors 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.





Andrew Clifford FCA (Senior Statutory Auditor)

for and on behalf of DNG Dove Naish LLP, Statutory Auditor

Eagle House

28 Billing Road

Northampton

NN1 5AJ


12 October 2023


ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2022



2022


2021


Notes

£   

£   



TURNOVER

3

23,069,896


22,797,675




Cost of sales

13,762,767


12,965,698



GROSS PROFIT

9,307,129


9,831,977




Administrative expenses

8,052,690


7,433,668



1,254,439


2,398,309




Other operating income

63,964


44,878



OPERATING PROFIT

5

1,318,403


2,443,187




Interest receivable and similar income

8,649


3,816



1,327,052


2,447,003




Interest payable and similar expenses

6

60,625


93,735



PROFIT BEFORE TAXATION

1,266,427


2,353,268




Tax on profit

7

(140,458

)

466,553



PROFIT FOR THE FINANCIAL YEAR

1,406,885


1,886,715



Profit attributable to:

Owners of the parent

1,284,749


1,851,004



Non-controlling interests

122,136


35,711



1,406,885


1,886,715




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2022



2022


2021


Notes

£   

£   



PROFIT FOR THE YEAR

1,406,885


1,886,715





OTHER COMPREHENSIVE INCOME  


Exchange differences on translation of

foreign operations

53,436


(19,467

)


Income tax relating to other

comprehensive income

-


-



OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

53,436


(19,467

)


TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,460,321


1,867,248




Total comprehensive income attributable to:

Owners of the parent

1,340,437


1,821,823



Non-controlling interests

119,884


45,425



1,460,321


1,867,248




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2022



2022

2021



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

924,789


1,099,682



Tangible assets

11

1,598,792


1,486,518



Investments

12

93,943


84,188



2,617,524


2,670,388




CURRENT ASSETS

Stocks

13

2,097,466


2,114,828



Debtors

14

2,109,388


1,987,336



Cash at bank

953,034


1,340,081



5,159,888


5,442,245



CREDITORS

Amounts falling due within one year

15

2,601,214


2,442,956



NET CURRENT ASSETS

2,558,674


2,999,289



TOTAL ASSETS LESS CURRENT

LIABILITIES

5,176,198


5,669,677




CREDITORS

Amounts falling due after more than one

year

16

(744,350

)

(937,151

)



PROVISIONS FOR LIABILITIES

20

(147,530

)

(119,507

)


NET ASSETS

4,284,318


4,613,019




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued

31 DECEMBER 2022



2022

2021



Notes

£   

£   

£   

£   


CAPITAL AND RESERVES

Called up share capital

21

75,100


75,100



Capital redemption reserve

22

24,900


24,900



Translation reserve

22

90,269


36,833



Retained earnings

22

4,100,408


4,602,429



SHAREHOLDERS' FUNDS

4,290,677


4,739,262




NON-CONTROLLING INTERESTS

23

(6,359

)

(126,243

)


TOTAL EQUITY

4,284,318


4,613,019





The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





A A Barrell - Chairman & CEO




W Leary - Director



ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


COMPANY STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2022



2022

2021



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

-


-



Tangible assets

11

-


-



Investments

12

5,207,023


5,207,023



5,207,023


5,207,023




CURRENT ASSETS

Debtors

14

526,618


489,115




CREDITORS

Amounts falling due within one year

15

58,712


20,792



NET CURRENT ASSETS

467,906


468,323



TOTAL ASSETS LESS CURRENT

LIABILITIES

5,674,929


5,675,346




CAPITAL AND RESERVES

Called up share capital

21

75,100


75,100



Capital redemption reserve

22

24,900


24,900



Retained earnings

22

5,574,929


5,575,346



SHAREHOLDERS' FUNDS

5,674,929


5,675,346




Company's profit for the financial year

1,786,354


1,073,341




The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





A A Barrell - Chairman & CEO




W Leary - Director



ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022



Called up


Capital


share


Retained


redemption


capital


earnings


reserve

£   

£   

£   



Balance at 1 January 2021

75,100


3,327,631


24,900




Changes in equity

Dividends

-


(576,206

)

-



Total comprehensive income

-


1,851,004


-



Balance at 31 December 2021

75,100


4,602,429


24,900




Changes in equity

Dividends

-


(1,786,770

)

-



Total comprehensive income

-


1,284,749


-



Balance at 31 December 2022

75,100


4,100,408


24,900




Translation


Non-controlling


Total


reserve


Total


interests


equity

£   

£   

£   

£   



Balance at 1 January 2021

56,300


3,483,931


(171,668

)

3,312,263




Changes in equity

Dividends

-


(576,206

)

-


(576,206

)


Total comprehensive income

(19,467

)

1,831,537


45,425


1,876,962



Balance at 31 December 2021

36,833


4,739,262


(126,243

)

4,613,019




Changes in equity

Dividends

-


(1,786,770

)

-


(1,786,770

)


Total comprehensive income

53,436


1,338,185


119,884


1,458,069



Balance at 31 December 2022

90,269


4,290,677


(6,359

)

4,284,318




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022



Called up


Capital



share


Retained


redemption


Total


capital


earnings


reserve


equity

£   

£   

£   

£   



Balance at 1 January 2021

75,100


5,078,211


24,900


5,178,211




Changes in equity

Dividends

-


(576,206

)

-


(576,206

)


Total comprehensive income

-


1,073,341


-


1,073,341



Balance at 31 December 2021

75,100


5,575,346


24,900


5,675,346




Changes in equity

Dividends

-


(1,786,771

)

-


(1,786,771

)


Total comprehensive income

-


1,786,354


-


1,786,354



Balance at 31 December 2022

75,100


5,574,929


24,900


5,674,929




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022



2022


2021


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

2,064,282


1,919,520



Interest paid

(60,625

)

(93,735

)


Tax paid

(461,115

)

(351,130

)


Net cash from operating activities

1,542,542


1,474,655




Cash flows from investing activities

Purchase of intangible fixed assets

(11,056

)

(10,027

)


Purchase of tangible fixed assets

(425,231

)

(277,273

)


Sale of tangible fixed assets

47,656


37,676



Interest received

8,649


3,816



Net cash from investing activities

(379,982

)

(245,808

)



Cash flows from financing activities

Bank loans

(189,936

)

204,220



Loan from associate

(36,212

)

(151,581

)


Hire purchase loans acquired

71,458


11,084



Equity dividends paid

(1,786,770

)

(576,206

)


Net cash from financing activities

(1,941,460

)

(512,483

)



(Decrease)/increase in cash and cash equivalents

(778,900

)

716,364



Cash and cash equivalents at

beginning of year

2

1,078,937


317,511



Effect of foreign exchange rate changes

(160,444

)

45,062



Cash and cash equivalents at end of

year

2

139,593


1,078,937




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


2022


2021

£   

£   



Profit before taxation

1,266,427


2,353,268




Depreciation charges

517,817


490,890




Movement in provisions

2,260


(2,302

)



Minority interest

66,925


9,714




Finance costs

60,625


93,735




Finance income

(8,649

)

(3,816

)


1,905,405


2,941,489




Decrease/(increase) in stocks

17,362


(355,723

)



Decrease/(increase) in trade and other debtors

291,598


(224,844

)



Decrease in trade and other creditors

(150,083

)

(441,402

)



Cash generated from operations

2,064,282


1,919,520




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31 December 2022


31/12/22


1/1/22

£   

£   



Cash and cash equivalents

953,034


1,340,081




Bank overdrafts

(813,441

)

(261,144

)


139,593


1,078,937




Year ended 31 December 2021


31/12/21


1/1/21

£   

£   



Cash and cash equivalents

1,340,081


643,692




Bank overdrafts

(261,144

)

(326,181

)


1,078,937


317,511





ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022



3.

ANALYSIS OF CHANGES IN NET DEBT



At 1/1/22

Cash flow

At 31/12/22

£   

£   

£   



Net cash



Cash at bank

1,340,081


(387,047

)

953,034




Bank overdrafts

(261,144

)

(552,297

)

(813,441

)


1,078,937


(939,344

)

139,593




Debt


Finance leases

(304,872

)

(71,458

)

(376,330

)



Debts falling due within 1 year

(42,024

)

32,024


(10,000

)



Debts falling due after 1 year

(732,575

)

262,505


(470,070

)


(1,079,471

)

223,071


(856,400

)



Total

(534

)

(716,273

)

(716,807

)



ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022



1.

STATUTORY INFORMATION



Oriole Glass Holdings 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 General Information page.


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.    



Basis of consolidation


The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries and joint ventures) made up to 31 December each period.  Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.



Subsidiaries


Subsidiaries are fully consolidated from the date on which control is transferred to the group and de-consolidated from the date that control ceases.



Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.



The consolidated financial statements incorporate the assets, liabilities and results of the following entities in accordance with the accounting policy described above:



Name of entity


Registered

office


Country of

incorporation


Class of

shares held


Equity

holding %





Uniglass Limited


As group


UK


Ordinary


100




PJB Glass Group Limited


As group


UK


Ordinary


100




KAB Allglass GmbH


Marlowring

7, Hamburg,

Germany


Germany


Ordinary


60




Aluminium Glass Industries (Mauritius)

Ltd


Montebello,

Pailles,

Mauritius


Mauritius


Ordinary


100




Origlass International Trading Inc


19 Cybercity,

Ebene,

Mauritius


Mauritius


Ordinary


100




Origlass UK Limited


As group


UK


Ordinary


100





The following entities are not included in the consolidation on the basis that they are dormant:



Glassteq Sealed Units Limited


As group


UK


Ordinary


100




Sunshade Blind Systems Limited


As group


UK


Ordinary


100




Flat Glass Merchants Limited


As group


UK


Ordinary


100




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



2.

ACCOUNTING POLICIES - continued



Critical accounting judgements and key sources of estimation uncertainty

Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The group makes assumptions and judgements concerning the future. The resulting accounting estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Impairment of receivables

Management reviews receivables for objective evidence of impairment periodically. Significant financial difficulties of the debtor, the probability that the debtor will enter bankruptcy, and default or significant delay in payments are considered objective evidence that a receivable is impaired.

In determining this, management makes judgements as to whether there is observable data indicating that there has been a significant change in payment ability of the debtor, or whether there have been significant changes with adverse effect in the technological, market, economic or legal environment in which the debtor operates.

Where there is objective evidence of impairment, management makes judgements as to whether an impairment loss should be recorded in profit or loss. In determining this, management used estimates based on historical loss experience for assets with similar credit risk characteristics. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any difference between the estimated loss and actual loss experience.

Assessment of goodwill impairment

Goodwill is tested for impairment annually and whenever there is an indication that the goodwill may be impaired. The determination of the recoverable value of a CGU for the purpose of impairment testing of goodwill requires management to make the following key assumptions relating to the CGU's value in use:-

- projected cash flows;
- anticipated revenue annual growth rate;
- appropriate pre-tax discount rate; and
- terminal value

The values assigned to the key assumptions represent management's assessment of future trends and are based on both external sources and internal sources (historical data).

Estimated useful lives of property, plant and equipment and intangible assets

Property, plant and equipment and intangible assets are depreciated and amortised on a straight-line basis over their estimated useful lives. Changes in the expected level of usage and technological developments could impact the economic useful lives of these assets and therefore future depreciation and amortisation charges could be revised.

Allowance for stock obsolescence


ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



2.

ACCOUNTING POLICIES - continued

Where necessary, allowance for stock obsolescence is set up for estimates losses which may result from obsolete stocks held. The group estimates the level of allowance based on the prevailing market conditions and historical provisioning experience. The required level of allowance could change significantly as a result of changes in market conditions.

Income taxes

The group is subjected to income taxes in a number of tax jurisdictions where it has operations and businesses through its subsidiaries.

In the ordinary course of business, there are many transactions and calculations for which the ultimate tax treatment is uncertain. Therefore, the group recognises tax liabilities based on estimates of whether additional taxes and interest will be due.

These tax liabilities are recognised when the group believes that certain positions may not be fully sustained upon review by tax authorities, despite the group's belief that its tax return positions are supportable.

The group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of multifaceted judgements about future events.

New information may become available that causes the group to change its judgement regarding the adequacy of existing tax liabilities, such changes to tax (both current and deferred) liabilities will impact tax expense in the period that such a determination is made.


Turnover


Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the customers. Revenue excludes goods and services tax and is arrived at after the deduction of trade discounts.



Goodwill

Goodwill acquired in a business combination is initially measured at cost, being the excess of the cost of the business combination over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Following initial recognition, goodwill is measured at cost less accumulated amortisation and impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired.

Where the useful life of goodwill can be reliably measured it is amortised over its useful life. Where the useful life cannot be reliably measured goodwill is amortised over 10 years on a straight line basis.


Computer software

Computer software is initially measured at cost. After initial recognition, computer software is measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is amortised over its estimated useful life of 1 to 3 years on a straight line basis.

ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



2.

ACCOUNTING POLICIES - continued



Tangible fixed assets

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

Leasehold property10 years
Plant and machinery10 years
Fixtures and fittings1 to 7 years
Motor vehicles5 to 10 years


Government grants

Government grant income is recognised as it is receivable, to the extent that the grant has been expended by the end of the financial year. Unspent grants are shown on the Balance Sheet as liabilities.


Stocks

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


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


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


ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



2.

ACCOUNTING POLICIES - continued



Financial instruments


Cash and cash equivalents in the Statement of Financial Position comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.



Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.



Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.  An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.



Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet.  Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account.  Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.



Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument.  Dividends and distributions relating to equity instruments are debited direct to equity.


3.

TURNOVER



The turnover and profit before taxation are attributable to the principal activities of the group.



An analysis of turnover by class of business is given below:



2022


2021

£   

£   



Sale of goods

23,069,896


22,797,675



23,069,896


22,797,675





An analysis of turnover by geographical market is given below:



2022


2021

£   

£   



United Kingdom

15,522,919


16,322,030




Europe

5,846,578


5,151,855




Rest of World

1,700,399


1,323,790



23,069,896


22,797,675




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



4.

EMPLOYEES AND DIRECTORS


2022


2021

£   

£   



Wages and salaries

3,733,527


3,713,406




Social security costs

181,886


146,607




Other pension costs

2,068


1,889



3,917,481


3,861,902





The average number of employees during the year was as follows:


2022


2021



Production and distribution

78


82




Administration

26


27




Management

5


5



109


114





The average number of employees by undertakings that were proportionately consolidated during the year was 108 (2021 - 112 ) .



2022


2021

£   

£   



Directors' remuneration

628,551


496,094




Directors' pension contributions to money purchase schemes  

2,068


1,889





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

3


2





Information regarding the highest paid director is as follows:


2022


2021

£   

£   



Emoluments etc

161,989


156,257




5.

OPERATING PROFIT



The operating profit is stated after charging:



2022


2021

£   

£   



Other operating leases

402,554


373,158




Depreciation - owned assets

331,050


308,115




Goodwill on consolidation amortisation

180,730


180,730




Computer software amortisation

6,037


2,046




Auditors' remuneration

64,976


71,625




Auditors' remuneration for non audit work

18,188


30,427




Foreign exchange differences

475


22,538




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2022


2021

£   

£   



Bank loan interest

60,625


93,735




7.

TAXATION



Analysis of the tax (credit)/charge


The tax (credit)/charge on the profit for the year was as follows:


2022


2021

£   

£   



Current tax:


UK corporation tax

(166,262

)

395,921




Non UK tax

(4,286

)

53,169




Total current tax

(170,548

)

449,090





Deferred tax

30,090


17,463




Tax on profit

(140,458

)

466,553





UK corporation tax has been charged at 19 % (2021 - 19 %).



Reconciliation of total tax (credit)/charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2022


2021

£   

£   



Profit before tax

1,266,427


2,353,268




Profit multiplied by the standard rate of corporation tax in the UK of

19 % (2021 - 19 %)  

240,621


447,121





Effects of:


Expenses not deductible for tax purposes

42,639


57,394




Capital allowances in excess of depreciation

(37,303

)

-




Depreciation in excess of capital allowances

-


6,633




Adjustments to tax charge in respect of previous periods

(396,341

)

(37,421

)



Deferred tax movement  

36,477


17,463




Foreign tax credits  

(7,398

)

(10,253

)




Difference in overseas rates  

(19,153

)

(14,384

)



Total tax (credit)/charge

(140,458

)

466,553




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



7.

TAXATION - continued



Tax effects relating to effects of other comprehensive income




2022



Gross


Tax


Net


£   

£   

£   



Exchange differences on translation of


foreign operations

53,436


-


53,436



53,436


-


53,436





2021



Gross


Tax


Net


£   

£   

£   



Exchange differences on translation of


foreign operations

(19,467

)

-


(19,467

)


(19,467

)

-


(19,467

)




The following rates of tax are charged in overseas jurisdictions:-



Germany


15%




Mauritius


15%




8.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.



9.

DIVIDENDS


2022


2021

£   

£   



Ordinary shares of £1 each



Interim

816,064


396,446




A Ordinary shares of £1 each



Interim

970,706


179,760



1,786,770


576,206




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



10.

INTANGIBLE FIXED ASSETS



Group


Goodwill



on


Computer



consolidation


software


Totals

£   

£   

£   



COST


At 1 January 2022

1,807,306


17,557


1,824,863




Additions

-


11,056


11,056




Exchange differences

-


818


818




At 31 December 2022

1,807,306


29,431


1,836,737




AMORTISATION


At 1 January 2022

722,920


2,261


725,181




Amortisation for year

180,730


6,037


186,767




At 31 December 2022

903,650


8,298


911,948




NET BOOK VALUE


At 31 December 2022

903,656


21,133


924,789




At 31 December 2021

1,084,386


15,296


1,099,682




11.

TANGIBLE FIXED ASSETS



Group


Fixtures



Leasehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2022

163,987


1,892,171


405,566


19,930


2,481,654




Additions

6,349


213,401


203,132


2,349


425,231




Disposals

-


(137,367

)

(22,765

)

(10,447

)

(170,579

)



Exchange differences

19,091


63,549


(16,891

)

-


65,749




At 31 December 2022

189,427


2,031,754


569,042


11,832


2,802,055




DEPRECIATION


At 1 January 2022

27,392


804,340


157,758


5,646


995,136




Charge for year

33,848


220,765


73,095


3,342


331,050




Eliminated on disposal

-


(91,227

)

(22,708

)

(8,988

)

(122,923

)



At 31 December 2022

61,240


933,878


208,145


-


1,203,263




NET BOOK VALUE


At 31 December 2022

128,187


1,097,876


360,897


11,832


1,598,792




At 31 December 2021

136,595


1,087,831


247,808


14,284


1,486,518




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



11.

TANGIBLE FIXED ASSETS - continued



Group



The net book value of tangible fixed assets includes £446,151 (2021: £409,272) in respect of assets held under hire purchase or finance lease contracts. The depreciation charge for the period in respect of such assets was £86,233 (2021: £104,057).


12.

FIXED ASSET INVESTMENTS



Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Shares in group undertakings

-


-


5,207,023


5,207,023




Other loans

93,943


84,188


-


-



93,943


84,188


5,207,023


5,207,023





Additional information is as follows:



Company


Shares in


group


undertakings

£   



COST


At 1 January 2022


and 31 December 2022

5,207,023




NET BOOK VALUE


At 31 December 2022

5,207,023




At 31 December 2021

5,207,023





The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:



Subsidiaries



KAB Allglas H.mbH


Registered office: Marlowring 7, 22525 Hamburg, Germany


Nature of business: Glass Wholesale


%


Class of shares:

holding



Ordinary

60.00


2022

2021


£   

£   



Aggregate capital and reserves

1,770,737


1,511,689




Profit for the year

305,341


89,278




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



12.

FIXED ASSET INVESTMENTS - continued



Aluminium Glass Industries (Mauritius) Ltd


Registered office: Montebello, Pailles, Mauritius


Nature of business: Glass wholesale


%


Class of shares:

holding



Ordinary

76.00


2022

2021


£   

£   



Aggregate capital and reserves

788,723


582,500




Profit for the year

128,449


33,972





Oriole International Trading Inc


Registered office: 19 Cybercity, 10th Floor, Standard Chartered Tower, Ebene, Mauritius


Nature of business: Holding company


%


Class of shares:

holding



Ordinary

100.00


2022

2021


£   

£   



Aggregate capital and reserves

215,542


187,472




Profit for the year

23,930


113,051





Uniglass Limited


Registered office: Eagle House, 28 Billing Road, Northampton, Northamptonshire, NN1 5AJ


Nature of business: Glass wholesale


%


Class of shares:

holding



Ordinary

100.00


2022

2021


£   

£   



Aggregate capital and reserves

5,432,024


6,213,382




Profit for the year

882,315


1,453,637





Origlass UK Limited


Registered office: Eagle House, 28 Billing Road, Northampton, Northamptonshire, NN1 5AJ


Nature of business: Glass wholesale


%


Class of shares:

holding



Ordinary

90.00


2022

2021


£   

£   



Aggregate capital and reserves

640,511


550,226




Profit for the year

388,896


581,241





ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



12.

FIXED ASSET INVESTMENTS - continued


Group


Other


loans

£   



At 1 January 2022

84,188




Other movement

9,755




At 31 December 2022

93,943





13.

STOCKS



Group


2022

2021


£   

£   



Raw materials

552,936


407,290




Finished goods

1,544,530


1,707,538



2,097,466


2,114,828




14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Trade debtors

1,346,275


1,595,385


-


-




Amounts owed by group undertakings

-


-


526,618


489,115




Other debtors

201,433


220,141


-


-




Tax

413,650


-


-


-




Prepayments and accrued income

148,030


171,810


-


-



2,109,388


1,987,336


526,618


489,115




15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Bank loans and overdrafts (see note 17)

823,441


303,168


-


-




Hire purchase contracts  (see note 18)

102,050


100,296


-


-




Trade creditors

1,002,242


1,359,932


-


-




Amounts owed to group undertakings

-


-


33,711


292




Tax

-


213,686


-


-




Social security and other taxes

70,069


88,929


-


-




VAT

206,141


74,681


-


-




Other creditors

56,555


73,036


-


-




Accruals and deferred income

340,716


229,228


25,001


20,500



2,601,214


2,442,956


58,712


20,792




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


2022

2021


£   

£   



Bank loans (see note 17)

25,650


251,943




Other loans (see note 17)

444,420


480,632




Hire purchase contracts  (see note 18)

274,280


204,576



744,350


937,151




17.

LOANS



An analysis of the maturity of loans is given below:



Group


2022

2021


£   

£   



Amounts falling due within one year or

on demand:



Bank overdrafts

813,441


261,144




Bank loans

10,000


42,024



823,441


303,168




Amounts falling due between two and

five years:



Bank loans - 2-5 years

25,650


251,943




Other loans - 2-5 years

444,420


480,632



470,070


732,575





Other loans, falling due after one year, totalling £444,420 (2021: £480,632) are payable to a minority shareholder of KAB Allglass GmbH.


18.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase contracts


2022

2021


£   

£   



Net obligations repayable:


Within one year

102,050


100,296




Between one and five years

274,280


204,576



376,330


304,872




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



18.

LEASING AGREEMENTS - continued



Group


Non-cancellable

operating leases


2022

2021


£   

£   



Within one year

579,036


508,988




Between one and five years

1,366,621


575,260




In more than five years

153,016


143,171



2,098,673


1,227,419




19.

SECURED DEBTS



The following secured debts are included within creditors:



Group


2022

2021


£   

£   



Bank overdrafts

813,441


261,144




Bank loans

35,650


293,967




Other loans

444,420


480,632




Hire purchase contracts

376,330


304,872



1,669,841


1,340,615





Hire purchase obligations are secured on the assets to which they relate.



Group bank overdrafts and loans are secured by a combination of debentures and floating charges over the assets of the group.



Other loans totalling £444,420 (2021: £480,632), which are repayable in more than one year from the balance sheet date, are secured on certain plant and machinery of KAB Allglass GmbH, a subsidiary company.


20.

PROVISIONS FOR LIABILITIES



Group


2022

2021


£   

£   



Deferred tax

117,034


91,271




Other provisions


Pension provision

30,496


28,236





Aggregate amounts

147,530


119,507




ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



20.

PROVISIONS FOR LIABILITIES - continued



Group


Deferred


Pension



tax


provision


£   

£   



Balance at 1 January 2022

91,271


28,236




Charge to Income Statement during year

25,763


2,260




Balance at 31 December 2022

117,034


30,496




21.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2022

2021



value:

£   

£   



21,100

Ordinary

£1

21,100


21,100




54,000

A Ordinary

£1

54,000


54,000



75,100


75,100




22.

RESERVES



Group


Capital



Retained


redemption


Translation



earnings


reserve


reserve


Totals

£   

£   

£   

£   




At 1 January 2022

4,602,429


24,900


36,833


4,664,162




Profit for the year

1,284,749


1,284,749




Dividends

(1,786,770

)

(1,786,770

)



Movement for year

-


-


53,436


53,436




At 31 December 2022

4,100,408


24,900


90,269


4,215,577





Company


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 January 2022

5,575,346


24,900


5,600,246




Profit for the year

1,786,354


1,786,354




Dividends

(1,786,771

)

(1,786,771

)



At 31 December 2022

5,574,929


24,900


5,599,829





ORIOLE GLASS HOLDINGS LIMITED (REGISTERED NUMBER: 11030365)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2022



23.

NON-CONTROLLING INTERESTS



KAB Allglass GmbH, a subsidiary, has a non-controlling interest ("NCI") of 40% which is material to the group. The carrying value of the NCI at the balance sheet date was £13,893 (2021: £126,242).


24.

ULTIMATE PARENT COMPANY



Flycatcher Holdings Limited is regarded by the directors as being the company's ultimate parent company.



The smallest and largest group, in which the company's results are consolidated, is Oriole Glass Holdings Limited. A copy of the group accounts can be obtained from Eagle House, 28 Billing Road, Northampton, NN1 5AJ.


25.

RELATED PARTY DISCLOSURES



The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



At the period end the group owed £444,420 (2021: £480,632) to Erik Saager, a shareholder of KAB Allglass GmbH and Oriole Glass Holdings Limited.



During the period the group was charged £238,431 (2021: £230,572) in management fees by Origlass (Pty) Ltd, a company with common directors and shareholders. At the period end the group owed £nil (2021: £nil) to Origlass (Pty) Ltd.



During the previous year, Aluminium Glass Industries (Mauritius) Ltd lent MUR5,000,000 £93,943 (2021: £84.188) to Origlass (Pty) Ltd.The loan accrues interest at 3.5%pa and is repayable on 28 February 2025.



Key Management Personnel Compensation



During the period, a total of key management personnel compensation of £628,551 (2021: £497,983) was paid.