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REGISTERED NUMBER: 10942433 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

MACKENZIE GLASS LIMITED

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MACKENZIE GLASS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: M J Mitchell
M J Prowse
M I Herbert





REGISTERED OFFICE: Old Mansion House
9 Quay Street
TRURO
Cornwall
TR1 2HE





REGISTERED NUMBER: 10942433 (England and Wales)





AUDITORS: Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 689,394 586,104

CURRENT ASSETS
Stocks 1,017,538 714,542
Debtors 5 1,749,589 1,476,906
Cash at bank and in hand 1,109,412 872,091
3,876,539 3,063,539
CREDITORS
Amounts falling due within one year 6 1,270,980 1,597,386
NET CURRENT ASSETS 2,605,559 1,466,153
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,294,953

2,052,257

CREDITORS
Amounts falling due after more than one
year

7

(19,441

)

(23,121

)

PROVISIONS FOR LIABILITIES (161,780 ) (129,616 )
NET ASSETS 3,113,732 1,899,520

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 2,913,732 1,699,520
SHAREHOLDERS' FUNDS 3,113,732 1,899,520

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





M J Mitchell - Director


MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Revenue is recognised for the sale of goods when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - not depreciated
Plant and machinery etc - at varying rates on cost and Straight line over 3 years

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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 48 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2022 22,256 649,097 2,435
Additions - 159,000 -
Disposals (22,256 ) - -
At 30 June 2023 - 808,097 2,435
DEPRECIATION
At 1 July 2022 22,256 153,912 1,369
Charge for year - 82,533 305
Eliminated on disposal (22,256 ) - -
At 30 June 2023 - 236,445 1,674
NET BOOK VALUE
At 30 June 2023 - 571,652 761
At 30 June 2022 - 495,185 1,066

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 109,290 88,343 871,421
Additions 65,745 - 224,745
Disposals (18,800 ) - (41,056 )
At 30 June 2023 156,235 88,343 1,055,110
DEPRECIATION
At 1 July 2022 32,578 75,202 285,317
Charge for year 25,778 7,099 115,715
Eliminated on disposal (13,060 ) - (35,316 )
At 30 June 2023 45,296 82,301 365,716
NET BOOK VALUE
At 30 June 2023 110,939 6,042 689,394
At 30 June 2022 76,712 13,141 586,104

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2022
and 30 June 2023 30,341
DEPRECIATION
At 1 July 2022 2,528
Charge for year 5,057
At 30 June 2023 7,585
NET BOOK VALUE
At 30 June 2023 22,756
At 30 June 2022 27,813

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 935,206 1,176,218
Amounts owed by group undertakings 659,841 169,702
Amounts recoverable on contracts 30,213 13,296
Other debtors 3,903 -
Prepayments 107,549 89,624
Proceeds of factored debts 12,877 28,066
1,749,589 1,476,906

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 3,680 3,447
Trade creditors 868,949 1,188,231
Tax 153,922 165,652
Social security and other taxes 32,493 35,143
VAT 78,333 107,180
Other creditors 1,517 1,207
Directors' loan accounts 289 -
Accrued expenses 131,797 96,526
1,270,980 1,597,386

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 19,441 23,121

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 2,393 7,004

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,680 3,447
Between one and five years 17,048 16,117
In more than five years 2,393 7,004
23,121 26,568

Non-cancellable operating leases
2023 2022
£    £   
Within one year 97,749 244,815
Between one and five years 390,997 141,960
In more than five years 109,547 -
598,293 386,775

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. LEASING AGREEMENTS - continued

The company was committed to leasing premises in Bristol at an annual rate of £250,000 until 24 March 2023. From that date the property was occupied on an 'at will' basis until the property was acquired by Cornwall Group Limited shortly after the year end.

The remaining lease commitments consist of leasing lorries and motor vehicles under operating lease arrangements with variable cessation dates.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 23,121 26,568
Company credit card 1,517 -
24,638 26,568

Factoring proceeds and a company credit card facility are secured by way of a fixed and floating charge over various properties and other assets and a cross guarantee with other group companies.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Pearce FCA (Senior Statutory Auditor)
for and on behalf of Lang Bennetts Audit Limited

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 20,149 54,000

The capital commitment relates to a motor vehicle which had been ordered prior to the year end and acquired thereafter.

12. 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.

A range of properties owned by the controlling directors have been provided as security to the bank.

The company considers the three directors employed by the company during the year to be the key management personnel and their remuneration is disclosed in the notes to the financial statements.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders of the parent company, Cornwall Group Limited.

That company is controlled by M J Mitchell who together with his spouse controls 100% of the issued share capital.