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REGISTERED NUMBER: 03036278 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Period 1 June 2022 to 31 December 2022

for

Dual Seal Glass Ltd

Dual Seal Glass Ltd (Registered number: 03036278)






Contents of the Financial Statements
for the Period 1 June 2022 to 31 December 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Independent Auditors' Report 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Dual Seal Glass Ltd

Company Information
for the Period 1 June 2022 to 31 December 2022







DIRECTORS: Mr S G Knapper
Mr U Feindt
Mr A Pollock



REGISTERED OFFICE: 403 Leeds Road
Huddersfield
West Yorkshire
HD2 1XU



REGISTERED NUMBER: 03036278 (England and Wales)



AUDITORS: Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW



BANKERS: National Westminster Bank Plc
8 Market Place
Huddersfield
West Yorkshire
HD1 2AL

Dual Seal Glass Ltd (Registered number: 03036278)

Strategic Report
for the Period 1 June 2022 to 31 December 2022

The directors present their strategic report for the period 1 June 2022 to 31 December 2022.

REVIEW OF BUSINESS
The business review is included in the consolidated group financial statements of Dual Seal Glass Holdings Limited.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

The board of directors is responsible for monitoring financial risks and for deciding where it would be appropriate to use financial instruments to manage this risk.

Exchange rate risk
As the company transacts in foreign currency, it is exposed to exchange rate risk, which it manages by keeping under review the need for forward contracts to purchase currency.

Interest rate cashflow risk
The company has interest bearing liabilities, comprising a bank loan on which interest is paid at variable rates. The board of directors regularly review the mix of cash, overdraft and debt to manage interest rate risk.

Liquidity risk
The company continues to maximise cashflow to ensure it is sufficient to support operations and any further equipment additions.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. In addition, there are rigorous policies in place regarding the level of credit allowed and the company maintains credit insurance cover.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the financial performance of the company, these being turnover, operating profit, profits before and after tax retained profit.

ON BEHALF OF THE BOARD:





Mr A Pollock - Director


2 November 2023

Dual Seal Glass Ltd (Registered number: 03036278)

Report of the Directors
for the Period 1 June 2022 to 31 December 2022

The directors present their report with the financial statements of the Company for the period 1 June 2022 to 31 December 2022.

The financial statements for a 7 month period have been prepared in order to ensure the Company's period end is conterminous with that of its parent and ultimate parent company. The comparative figures are therefore not entirely comparable with the current period.

PRINCIPAL ACTIVITY
The principal activity of the Company in the period under review was that of the manufacture of double glazed glass units for the construction industry.

DIVIDENDS
No dividends will be distributed for the period ended 31 December 2022.

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

Mr S G Knapper
Mr U Feindt

Other changes in directors holding office are as follows:

Mr A Pollock was appointed as a director after 31 December 2022 but prior to the date of this report.

Mr J M Pearson and Mr N F Matthies ceased to be directors after 31 December 2022 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2016 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties.

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). 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.

Dual Seal Glass Ltd (Registered number: 03036278)

Report of the Directors
for the Period 1 June 2022 to 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 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.

AUDITORS
The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A Pollock - Director


2 November 2023

Independent Auditors' Report to the Members of
Dual Seal Glass Ltd

Opinion
We have audited the financial statements of Dual Seal Glass Ltd (the 'Company') for the period ended 31 December 2022 which comprise the Statement of 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 31 December 2022 and of its loss for the period 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 Auditors' Report 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.

Independent Auditors' Report to the Members of
Dual Seal Glass Ltd


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 an Auditors' Report 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations;
- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act, UK Generally Accepted Accounting Practice and tax legislation.

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 Auditors' Report.

Independent Auditors' Report to the Members of
Dual Seal Glass Ltd


Audit response to risks identified
Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- Enquiring of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of
non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as
fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 an Auditors' Report 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.




Thomas Garner CA CTA (Senior Statutory Auditor)
for and on behalf of Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

2 November 2023

Dual Seal Glass Ltd (Registered number: 03036278)

Statement of Comprehensive
Income
for the Period 1 June 2022 to 31 December 2022

Period Year Ended
1/6/22 to 31/12/22 31/5/22
Notes £    £    £    £   

TURNOVER 10,768,674 16,629,758

Cost of sales 6,918,451 10,373,108
GROSS PROFIT 3,850,223 6,256,650

Distribution costs 1,319,596 2,109,421
Administrative expenses 2,555,957 3,737,258
3,875,553 5,846,679
(25,330 ) 409,971

Other operating income 5,499 9,685
OPERATING (LOSS)/PROFIT 6 (19,831 ) 419,656


Interest payable and similar expenses 7 9,780 15,788
(LOSS)/PROFIT BEFORE TAXATION (29,611 ) 403,868

Tax on (loss)/profit 8 26,565 76,567
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(56,176

)

327,301

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(56,176

)

327,301

Dual Seal Glass Ltd (Registered number: 03036278)

Balance Sheet
31 December 2022

2022 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 935,297 913,665

CURRENT ASSETS
Stocks 10 854,692 1,146,292
Debtors 11 6,598,827 6,461,548
Cash at bank and in hand 528,688 758,131
7,982,207 8,365,971
CREDITORS
Amounts falling due within one year 12 1,764,638 2,063,326
NET CURRENT ASSETS 6,217,569 6,302,645
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,152,866

7,216,310

CREDITORS
Amounts falling due after more than one
year

13

(448,667

)

(482,500

)

PROVISIONS FOR LIABILITIES 17 (224,952 ) (198,387 )
NET ASSETS 6,479,247 6,535,423

CAPITAL AND RESERVES
Called up share capital 18 50,000 50,000
Retained earnings 19 6,429,247 6,485,423
SHAREHOLDERS' FUNDS 6,479,247 6,535,423

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





Mr A Pollock - Director


Dual Seal Glass Ltd (Registered number: 03036278)

Statement of Changes in Equity
for the Period 1 June 2022 to 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 June 2021 50,000 6,158,122 6,208,122

Changes in equity
Total comprehensive income - 327,301 327,301
Balance at 31 May 2022 50,000 6,485,423 6,535,423

Changes in equity
Total comprehensive income - (56,176 ) (56,176 )
Balance at 31 December 2022 50,000 6,429,247 6,479,247

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements
for the Period 1 June 2022 to 31 December 2022

1. STATUTORY INFORMATION

Dual Seal Glass Ltd 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.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

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
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Going concern
The impact of the COVID-19 pandemic, in conjunction with the United Kingdom's departure from the EU on 1 January 2021 and the related trade agreement are constantly monitored by the directors in order for the related risks to be managed swiftly and effectively. In addition, the impact of the recent developments in Ukraine are also being monitored.

However, the Company is financially strong, with a balance sheet showing net assets of £6.48m. Accordingly, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Dual Seal Glass Limited is a qualifying entity for the above exemptions as its results are consolidated into the financial statements of Dual Seal Glass Holdings Limited which are publically available.

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year.

The following judgements have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives and residual values of tangible fixed assets
The directors regularly review the useful economic lives and residual values of tangible fixed assets based on their assessment of appropriate lives for similar asset classes, and estimated residual values at the end of their useful economic lives.

Contract and warranty provisions
The directors make appropriate provision for potential rectification or warranty costs.

Turnover
Turnover represents amounts earned on goods supplied during the year and derives from the provision of goods falling within the company's ordinary activities. Turnover is recognised at the point of despatch or when ready for despatch and the customer has requested a delay in delivery and agreed to be invoiced.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold and long leasehold property - 10 to 20% straight line on cost
Plant and machinery - 10 to 33% straight line on cost
Fixtures and fittings - 20 to 25% straight line on cost

All fixed assets are initially recorded at cost and land is not depreciated.

Government grants
Government grants are recognised in accordance with the accrual model of Section 24 of FRS 102.

Grants of a revenue nature are matched to their associated expenditure and recognised in the Statement of Comprehensive Income in the year in which they were borne. Grants of a capital nature are initially deferred and released into the Statement of Comprehensive Income in line with the depreciation policy of the class of asset the grant is awarded for.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102.


Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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
Period
1/6/22
to Year Ended
31/12/22 31/5/22
£    £   
Wages and salaries 2,708,486 4,221,601
Social security costs 246,259 372,742
Other pension costs 61,198 129,509
3,015,943 4,723,852

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period
1/6/22
to Year Ended
31/12/22 31/5/22

Production and distribution 104 105
Administrative 34 35
138 140

5. DIRECTORS' EMOLUMENTS
Period
1/6/22
to Year Ended
31/12/22 31/5/22
£    £   
Directors' remuneration 91,067 146,457
Directors' pension contributions to money purchase schemes 7,056 31,474

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

Money purchase schemes 2 3

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

Period
1/6/22
to Year Ended
31/12/22 31/5/22
£    £   
Other operating leases 113,328 194,276
Depreciation - owned assets 42,385 54,827
Depreciation - assets on hire purchase contracts 21,798 37,369
Auditors' remuneration - audit
of the financial statements 13,600 12,500
Other non- audit services 2,500 2,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/6/22
to Year Ended
31/12/22 31/5/22
£    £   
Bank loan interest 11,228 13,796
Hire purchase interest (1,448 ) 1,992
9,780 15,788

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
Period
1/6/22
to Year Ended
31/12/22 31/5/22
£    £   
Current tax:
UK corporation tax - 24,858

Deferred tax 26,565 51,709
Tax on (loss)/profit 26,565 76,567

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/6/22
to Year Ended
31/12/22 31/5/22
£    £   
(Loss)/profit before tax (29,611 ) 403,868
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 19% (2022 - 19%)

(5,626

)

76,735

Effects of:
Expenses not deductible for tax purposes 2,018 25,747
Capital allowances in excess of depreciation - (78,224 )
Depreciation in excess of capital allowances 3,076 -
Adjustments to tax charge in respect of previous periods - 600


Deferred tax 26,565 51,709

Tax in respect of losses transferred to other group entities 532 -
Total tax charge 26,565 76,567

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

9. TANGIBLE FIXED ASSETS
Freehold
and long Fixtures
leasehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 June 2022 44,523 969,021 8,956 1,022,500
Additions - 81,258 4,557 85,815
At 31 December 2022 44,523 1,050,279 13,513 1,108,315
DEPRECIATION
At 1 June 2022 5,581 101,065 2,189 108,835
Charge for period 3,454 59,206 1,523 64,183
At 31 December 2022 9,035 160,271 3,712 173,018
NET BOOK VALUE
At 31 December 2022 35,488 890,008 9,801 935,297
At 31 May 2022 38,942 867,956 6,767 913,665

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2022
and 31 December 2022 373,685
DEPRECIATION
At 1 June 2022 49,825
Charge for period 21,798
At 31 December 2022 71,623
NET BOOK VALUE
At 31 December 2022 302,062
At 31 May 2022 323,860

10. STOCKS
2022 2022
£    £   
Raw materials 388,921 503,790
Work-in-progress 72,558 61,724
Finished goods 393,213 580,778
854,692 1,146,292

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Trade debtors 3,702,028 3,533,912
Amounts owed by group undertakings 2,705,242 2,741,689
Other debtors 23,834 5,634
Prepayments and accrued income 167,723 180,313
6,598,827 6,461,548

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Bank loans and overdrafts (see note 14) 58,000 85,143
Hire purchase contracts (see note 15) 2,912 22,826
Trade creditors 787,021 1,243,839
Corporation tax 24,258 24,258
Social security and other taxes 109,894 108,246
VAT 481,276 250,685
Other creditors 58,500 46,104
Accruals and deferred income 242,777 282,225
1,764,638 2,063,326

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2022
£    £   
Bank loans (see note 14) 448,667 482,500

14. LOANS

An analysis of the maturity of loans is given below:

2022 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 58,000 85,143

Amounts falling due between one and two years:
Bank loans - 1-2 years 58,000 58,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 174,000 174,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 216,667 250,500
216,667 250,500

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2022
£    £   
Net obligations repayable:
Within one year 2,912 22,826

Non-cancellable operating leases
2022 2022
£    £   
Within one year 301,494 355,094
Between one and five years 861,151 851,074
In more than five years 472,182 587,263
1,634,827 1,793,431

16. SECURED DEBTS

The following secured debts are included within creditors:

2022 2022
£    £   
Bank loans 506,667 567,643
Hire purchase contracts 2,912 22,826
509,579 590,469

Bank loans are secured by a legal charge over land and buildings of the Group, namely an Industrial Unit at Red Doles Industrial Estate, Leeds Road, Huddersfield, dated 15/5/15 as well as Dunn & Mills Business Park at Red Doles Lane, Huddersfield dated 6/12/16, and are repayable by instalments with interest charged at 2-3% above the National Westminster Bank plc base rate.

The mortgage debenture is secured by a debenture charge over all the assets of the company and is dated 19/7/01.

Hire purchase borrowings are secured over the group assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2022 2022
£    £   
Deferred tax
Accelerated capital allowances 224,952 198,387

Deferred
tax
£   
Balance at 1 June 2022 198,387
Charge to Statement of Comprehensive Income during period 26,565
Balance at 31 December 2022 224,952

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

18. CALLED UP SHARE CAPITAL

Allotted and issued:

Number: Class: Nominal value: 2022 2021
50,000 Ordinary £1 50,000 50,000

The Ordinary shares carry full voting and distribution rights.

19. RESERVES

The only reserves included in the financial statements are retained earnings accumulating annually as a result of net profit less tax and dividends.

20. ULTIMATE PARENT COMPANY

The company's immediate parent is Dual Seal Glass Holdings Limited, a company registered in England and Wales and whose registered office is located at 403 Leeds Road, Huddersfield, United Kingdom, HD2 1XU. Copies of the Dual Seal Glass Holdings Group consolidated financial statements, which include the results of this company, can be obtained from the company secretary at Dual Seal Glass Holdings, 403 Leeds Road, Huddersfield, United Kingdom, HD2 1XU.

The ultimate parent company is regarded by the directors as being AEQUITA Management SE, a company incorporated in Germany and whose consolidated accounts also include the current period results of Dual Seal Glass Ltd.

21. CONTINGENT LIABILITIES

In the period the directors have identified a potential issue with a specific type of product previously supplied. Based on the information available to the directors at the date of authorising the accounts, it is impracticable to estimate the financial effect, the amount or timing of any outflows as well as the possibility of any reimbursement.

22. CAPITAL COMMITMENTS
2022 2022
£    £   
Contracted but not provided for in the
financial statements 112,000 -

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2022 and the year ended 31 May 2022:

2022 2022
£    £   
Mr N D Meredith
Balance outstanding at start of period - 132,000
Amounts advanced - 80,000
Amounts repaid - (212,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - -

Dual Seal Glass Ltd (Registered number: 03036278)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 December 2022

24. RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of a parent undertaking who in turn is a wholly owned subsidiary of an ultimate parent. Financial statements for both parent companies are publically available. Consequently, the company has taken advantage of section 33.1A of FRS 102 "Related party disclosures" from disclosing related party transactions with wholly owned entities that are part of the Dual Seal Glass Holdings Limited group and the AEQUITA Management SE group.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is C Himmel and A Geuer.