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REGISTERED NUMBER: 08625743 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

CORNWALL GLASS (MANUFACTURING) LIMITED

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


CORNWALL GLASS (MANUFACTURING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: M J Mitchell
M Norcliffe
A J Herdman
M J Knight
S J Bunney
S R Marques





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





REGISTERED NUMBER: 08625743 (England and Wales)





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

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report for the year ended 30 June 2023.

REVIEW OF BUSINESS
Reviewing the last 12 trading months, it has been a year of two halves, the latter half witnessing a softening market, where prices have fallen back, demand weakened, this coupled as we commented on during last year's Report with rising payroll, many establishment costs rising, stubbornly high inflation rates, frustrated by the frequent cost of borrowing increases. Energy costs and significant variations in rates throughout our wider industry remain a constant pressure and concern.

Throughout the business we continue to balance a 5 - 10 year horizon regarding investment and strategic growth. Our uncomplicated ownership structure, ongoing family independence, and unrivalled Board stability and experience allows us to remain a formidable competitor, able to partner with global players. Much of our industry has seen consolidation since the Pandemic, a growing amount of private equity and venture capitalist money being spent and invested amongst several of our regional competitors.

Over our last trading year we have agreed and committed to £3m worth of machinery and vehicles purchases. We anticipate in the coming 12 months an additional £2.5m will be invested throughout the business predominately in, logistics, IT and state of the art specialist glass processing machinery.

Our philanthropic endeavours continue with £86,000 of further donations into our very own Charitable Fund, made by the Group during a 12 month period. A lasting legacy for our local communities.

As we look forward to our next trading year, we are aware of the fragility of the economy, a looming general election, possible recession, the ongoing war in Ukraine, cost of borrowing pressures as inflation is being brought under control. We see opportunity for some organic growth in the coming trading year, but this will be modest compared to recent and previous trading results.

A shrinking talent pool of experienced and skilled employees within our industry continues to reinforce our strong belief in Apprentices, and our business continues to embrace having at least 10% of our colleagues and team on our Apprenticeship Journey at any one time.

The current Board of Directors have the capacity and desire to explore acquisitions and continue to monitor opportunities within our industry where we can see a natural, geographical and commercially viable fit.

As we slowly approach the huge milestone of 50 years of trading in 2028 there is much to be optimistic about and we continue to remain alert, motivated and agile in matters of new products, investments and training initiatives.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


23 October 2023

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of glass manufacturing services.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2023.

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

M J Mitchell
M Norcliffe
A J Herdman
M J Knight
S J Bunney
S R Marques

DONATIONS
During the year the company made charitable donations to the Devon and Cornwall Community Foundations in the sum of £3,400 and other charitable donations of £58, a total of £3,458 (2022: £7,308).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


AUDITORS
The auditors, Lang Bennetts Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


23 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GLASS (MANUFACTURING) LIMITED

Opinion
We have audited the financial statements of Cornwall Glass (Manufacturing) Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 June 2023 and of its 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 company 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 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 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.

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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GLASS (MANUFACTURING) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

We assessed the risks of material misstatement in respect of fraud as follows:
- we made enquiries of the directors and management of any non-compliance of laws and regulations, potential
litigation and claims or any knowledge of actual, suspected or alleged fraud.
- we considered the risk of fraud through management override.
Based on the results of our risk assessment, we designed our audit procedures to identify and to address material
misstatements in relation to fraud, as follows:
- we reviewed legal fees to identify any potential non-compliance with laws and regulations.
- we reviewed material manual journal entries for evidence of management override or fraud.
- we reviewed information in relation to key operating compliance matters including health and safety and transport.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GLASS (MANUFACTURING) LIMITED


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.




Mr J Pearce (Senior Statutory Auditor)
for and on behalf of Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

23 October 2023

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £    £    £   

TURNOVER 13,938,906 13,411,358

Cost of sales 7,863,279 7,392,221
GROSS PROFIT 6,075,627 6,019,137

Distribution costs 889,341 944,314
Administrative expenses 4,255,065 3,683,337
5,144,406 4,627,651
931,221 1,391,486

Other operating income 36,569 52,011
OPERATING PROFIT 5 967,790 1,443,497


Interest payable and similar expenses 6 11,343 28,961
PROFIT BEFORE TAXATION 956,447 1,414,536

Tax on profit 7 193,978 259,294
PROFIT FOR THE FINANCIAL YEAR 762,469 1,155,242

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 762,469 1,155,242


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

762,469

1,155,242

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,840,397 1,716,101

CURRENT ASSETS
Stocks 10 540,420 462,508
Debtors 11 2,500,323 2,359,031
Cash at bank and in hand 938,254 295,283
3,978,997 3,116,822
CREDITORS
Amounts falling due within one year 12 2,583,725 2,280,919
NET CURRENT ASSETS 1,395,272 835,903
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,235,669

2,552,004

CREDITORS
Amounts falling due after more than one
year

13

(318,126

)

(502,762

)

PROVISIONS FOR LIABILITIES 16 (586,830 ) (480,998 )
NET ASSETS 2,330,713 1,568,244

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Retained earnings 18 2,329,713 1,567,244
SHAREHOLDERS' FUNDS 2,330,713 1,568,244

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 (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 July 2021 1,000 975,702 976,702

Changes in equity
Dividends - (563,700 ) (563,700 )
Total comprehensive income - 1,155,242 1,155,242
Balance at 30 June 2022 1,000 1,567,244 1,568,244

Changes in equity
Total comprehensive income - 762,469 762,469
Balance at 30 June 2023 1,000 2,329,713 2,330,713

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

1. STATUTORY INFORMATION

Cornwall Glass (Manufacturing) 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" 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

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.


CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

3. ACCOUNTING POLICIES - continued
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.

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.

Warranty provisions
Provisions in respect of warranty claims are made in accordance with FRS 102, in order to cover the expected costs of future claims, calculated by reference to historic experience and the duration of the warranty period.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,480,642 3,307,399
Social security costs 312,135 286,795
Other pension costs 238,287 229,815
4,031,064 3,824,009

The average number of employees during the year was as follows:
2023 2022

Management 6 7
Staff 133 132
139 139

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 314,499 218,961
Directors' pension contributions to money purchase schemes 23,011 21,317

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 78,687 73,419
Pension contributions to money purchase schemes 5,508 7,136

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 16,387 12,532
Other operating leases 17,308 72,704
Depreciation - owned assets 115,895 108,159
Depreciation - assets on hire purchase contracts 232,190 232,191
Profit on disposal of fixed assets (3,750 ) (3,110 )
Auditors' remuneration 11,120 10,100

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 11,343 28,961

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 124,957 254,083

Deferred tax 69,021 5,211
Tax on profit 193,978 259,294

UK corporation tax has been charged at 20.50% (2022 - 19%).

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

7. TAXATION - continued

Reconciliation of total tax 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:

2023 2022
£    £   
Profit before tax 956,447 1,414,536
Profit multiplied by the standard rate of corporation tax in the UK of
20.500% (2022 - 19%)

196,072

268,762

Effects of:
Expenses not deductible for tax purposes 40 75
Capital allowances in excess of depreciation (65,496 ) (14,754 )
Adjustments to tax charge in respect of previous periods (5,659 ) -
Deferred tax 69,021 5,211
Total tax charge 193,978 259,294

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim - 563,700

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2022 34,623 2,466,949 17,956
Additions - 452,381 -
At 30 June 2023 34,623 2,919,330 17,956
DEPRECIATION
At 1 July 2022 3,261 1,069,676 16,083
Charge for year 1,731 296,157 770
At 30 June 2023 4,992 1,365,833 16,853
NET BOOK VALUE
At 30 June 2023 29,631 1,553,497 1,103
At 30 June 2022 31,362 1,397,273 1,873

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 428,234 9,071 2,956,833
Additions 20,000 - 472,381
At 30 June 2023 448,234 9,071 3,429,214
DEPRECIATION
At 1 July 2022 142,780 8,932 1,240,732
Charge for year 49,288 139 348,085
At 30 June 2023 192,068 9,071 1,588,817
NET BOOK VALUE
At 30 June 2023 256,166 - 1,840,397
At 30 June 2022 285,454 139 1,716,101

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022 1,729,140 258,241 1,987,381
Transfer to ownership (63,891 ) - (63,891 )
At 30 June 2023 1,665,249 258,241 1,923,490
DEPRECIATION
At 1 July 2022 753,943 93,968 847,911
Charge for year 202,989 29,201 232,190
Transfer to ownership (63,891 ) - (63,891 )
At 30 June 2023 893,041 123,169 1,016,210
NET BOOK VALUE
At 30 June 2023 772,208 135,072 907,280
At 30 June 2022 975,197 164,273 1,139,470

10. STOCKS
2023 2022
£    £   
Stocks 540,420 462,508

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,731,171 1,895,772
Amounts owed by group undertakings 279,537 118,264
Amounts recoverable on contracts 112,063 117,195
Directors' loan accounts 4,081 7,406
Prepayments 345,159 114,150
Proceeds of factored debt 28,312 106,244
2,500,323 2,359,031

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 182,509 217,692
Trade creditors 1,297,555 1,031,545
Amounts owed to group undertakings 174,320 112,240
Tax 62,616 130,383
Social security and other taxes 75,139 80,955
VAT 227,497 316,506
Other creditors 1,181 1,173
Directors' current accounts 2,942 2,760
Accrued expenses 559,966 387,665
2,583,725 2,280,919

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 318,126 502,762

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 182,509 217,692
Between one and five years 318,126 502,762
500,635 720,454

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

14. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 160,000 160,000
Between one and five years 480,000 480,000
In more than five years 120,000 240,000
760,000 880,000

Operating lease commitments relate to leased property and vehicles. No disclosure is made for property occupied under a tenancy at will.

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 500,635 720,454
Company credit card 1,181 -
501,816 720,454

Bank loans, factoring proceeds and overdraft facilities are secured by way of a fixed and floating charge over various properties and other assets of this company and other group companies by way of a cross guarantee.

Liabilities under hire purchase contracts are secured on the assets to which they relate.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 262,872 193,851
Warranty provision 323,958 287,147
586,830 480,998

Deferred Warranty
tax provision
£    £   
Balance at 1 July 2022 193,851 287,149
Charge to Income Statement during year 69,021 36,811
Balance at 30 June 2023 262,872 323,960

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

18. RESERVES
Retained
earnings
£   

At 1 July 2022 1,567,244
Profit for the year 762,469
At 30 June 2023 2,329,713

19. ULTIMATE PARENT COMPANY

Cornwall Group Limited is regarded by the directors as being the company's ultimate parent company.

20. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 1,170,320 -

After the year end the company expects to acquire plant and machinery and computer software at a cost of £1,159,360 and £10,960 respectively, where orders had been placed and deposits paid prior to the year end.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
A J Herdman
Balance outstanding at start of year - 3,250
Amounts repaid - (3,250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

S R Marques
Balance outstanding at start of year 7,406 -
Amounts advanced - 7,406
Amounts repaid (3,325 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,081 7,406

22. 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 (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

22. RELATED PARTY DISCLOSURES - continued

The company rented premises from the controlling director's pension scheme at a rent of £123,500 (2022: £123,500).

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

The company considers the six (2021: four) 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.

In addition to the amounts shown as due to the company under Directors Advances and Credits, four other directors are owed the combined sum of £2,942 by the company relating to their expenses.


23. ULTIMATE CONTROLLING PARTY

The company is controlled by M J Mitchell who together with his spouse controls 100% of the parent company Cornwall Group Limited.