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REGISTERED NUMBER: 07920635 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

CORNWALL GLASS & GLAZING LIMITED

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)






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


CORNWALL GLASS & GLAZING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: M J Mitchell
P D Garrard
B P Gazzard





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





REGISTERED NUMBER: 07920635 (England and Wales)





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

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 188,390 178,474

CURRENT ASSETS
Stocks 126,639 138,448
Debtors 6 685,872 371,052
Cash at bank and in hand 820,392 788,478
1,632,903 1,297,978
CREDITORS
Amounts falling due within one year 7 620,522 687,475
NET CURRENT ASSETS 1,012,381 610,503
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,200,771

788,977

PROVISIONS FOR LIABILITIES 10 21,611 11,592
NET ASSETS 1,179,160 777,385

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,179,060 777,285
SHAREHOLDERS' FUNDS 1,179,160 777,385

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


CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

1. STATUTORY INFORMATION

Cornwall Glass & Glazing 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.

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.

BuildingsFreehold- 2% on cost less residual value
Leasehold- Amortised over the lease term

Plant and machinery etc- 8% - 33% on cost

For assets transferred as part of the group restructuring exercise, the rate of depreciation is based on the original cost of the assets transferred.

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.


CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

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

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

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

Hire purchase and leasing commitments
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2022 - 59 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2022 100,589 83,049 30,668
Additions - - -
At 30 June 2023 100,589 83,049 30,668
DEPRECIATION
At 1 July 2022 27,305 51,222 8,585
Charge for year 10,192 17,072 3,461
At 30 June 2023 37,497 68,294 12,046
NET BOOK VALUE
At 30 June 2023 63,092 14,755 18,622
At 30 June 2022 73,284 31,827 22,083

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 206,549 7,711 428,566
Additions 55,395 14,550 69,945
At 30 June 2023 261,944 22,261 498,511
DEPRECIATION
At 1 July 2022 155,727 7,253 250,092
Charge for year 29,026 278 60,029
At 30 June 2023 184,753 7,531 310,121
NET BOOK VALUE
At 30 June 2023 77,191 14,730 188,390
At 30 June 2022 50,822 458 178,474

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 305,996 344,395
Amounts owed by group undertakings 373,415 -
Amounts recoverable on contracts 4,786 8,773
Prepayments 1,675 17,884
685,872 371,052

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 138,799 155,492
Amounts owed to group undertakings 134,418 150,460
Tax 43,900 77,604
Social security and other taxes 39,736 39,465
VAT 104,257 87,153
Other creditors 3,507 2,404
Directors' loan accounts 1,154 -
Accruals and deferred income 154,751 174,897
620,522 687,475

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 93,203 12,083
Between one and five years 336,563 24,167
In more than five years 162,241 -
592,007 36,250

The company is commitment to leasing a property occupied under a formal lease, and includes the commitment remaining over the entire lease term. No commitment is disclosed for property occupied under a tenancy at will.

The remaining lease commitments consists of leasing vans under operating lease arrangements with variable cessation dates.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Company credit card 3,507 -

The company credit card facility is secured by way of a cross guarantee with other group companies.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 21,611 11,592

Deferred
tax
£   
Balance at 1 July 2022 11,592
Charge to Income Statement during year 10,019
Balance at 30 June 2023 21,611

11. 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

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.

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

12. RELATED PARTY DISCLOSURES - continued

The company rented premises from the controlling director's pension scheme and family trust at a combined rent of £113,283 (2022: £136,383).

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

The company considers the three (2022: 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 Mr M J Mitchell who together with his spouse controls 100% of the parent company Cornwall Group Limited.