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 |
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: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Eagle House |
28 Billing Road |
Northampton |
NN1 5AJ |
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 |
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 |
CURRENT ASSETS |
Debtors | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Capital redemption reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - |
Balance at 31 December 2022 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 property | 10 years |
Plant and machinery | 10 years |
Fixtures and fittings | 1 to 7 years |
Motor vehicles | 5 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 |
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 | - | - |
Other loans | 93,943 | 84,188 |
93,943 | 84,188 |
Additional information is as follows: |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Marlowring 7, 22525 Hamburg, Germany |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Registered office: Montebello, Pailles, Mauritius |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 19 Cybercity, 10th Floor, Standard Chartered Tower, Ebene, Mauritius |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Eagle House, 28 Billing Road, Northampton, Northamptonshire, NN1 5AJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Eagle House, 28 Billing Road, Northampton, Northamptonshire, NN1 5AJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 | - | - |
Other debtors | 201,433 | 220,141 |
Tax | 413,650 | - |
Prepayments and accrued income | 148,030 | 171,810 |
2,109,388 | 1,987,336 |
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 | - | - |
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 |
2,601,214 | 2,442,956 |
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: | £ | £ |
Ordinary | £1 | 21,100 | 21,100 |
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 | 5,600,246 |
Profit for the year |
Dividends | ( | ) | ( | ) |
At 31 December 2022 | 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. |