Company registration number 03642686 (England and Wales)
SUPER TOUGHENED GLASS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
SUPER TOUGHENED GLASS LTD
COMPANY INFORMATION
- 1 -
Directors
Mr R K Hirani
Mr U K Hirani
Mr S D Meghani
Mr D Meghani
Mr A Patel
Secretary
Mr R K Hirani
Company number
03642686
Registered office
65-67 Wembley Hill Road
Wembley
Middlesex
HA9 8DP
Auditor
King & King
Chartered Accountants & Statutory Auditors
65-67 Wembley Hill Road
Wembley
Middlesex
HA9 8DP
SUPER TOUGHENED GLASS LTD
CONTENTS
Page
Strategic report
2 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 32
SUPER TOUGHENED GLASS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
The directors present the strategic report for the year ended 31 May 2023.
Review of the business
The company has business interests predominantly in the supply of glass products and its operations are from one site.
The principal activities, products and services of the operating units of the company include:
At 31 May 2023, the immediate parent company was Super Toughened Group Limited which is registered in England and Wales.
Business review
The management considered underlying performance of the company, the state of affairs at the statement of financial position date and the future prospects are considered to be satisfactory. The company’s statement of comprehensive income is set out on page 12 and shows the revenue slightly reduced by 1.12% to £17,976,716 (2022: £18,181,246) during the year. The demand for our products has remained relatively stable.
The company made a gross profit during the year of £4,848,136 (2022: £7,226,280) with a decrease in margin to 26.96% (2022: 39.75%). The inflationary pressure on labour and material costs caused reduction in margins. Due to Ukraine war when the prices of energy increased the suppliers passed on the price increase (in form of energy surcharge). Post year end the margins has improved as the energy prices have drastically reduced the suppliers have stopped charging energy surcharge on glass purchases. The operating profit for the year was £567,324 (2022: £3,162,712) This has reduced compared to last year due to new operating lease commitments.
Profit after tax for the year amounted £2,073,686 (2022: £2,471,146). At the statement of financial position date, the net assets of the company stood at £33,841,186 (2022: £31,767,500) which was mainly due to the reinvestments of funds from sale of property. The company's cash position at the statement of financial position date was £3,669,219 (2022: £3,622,523)
The directors review the business on an ongoing basis to address the key business risks to safeguard the company's business.
SUPER TOUGHENED GLASS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Principal risks and uncertainties
There are several potential risks and uncertainties which could have an impact on the company’s financial performance.
Raw material
The company’s products utilise a range of raw materials. The pricing for these raw material inputs is largely determined by international or national factors beyond the company’s control or influence. Short term volatility in the pricing of such inputs and any decrease in availability can impact the company’s financial performance. However, a significant proportion is covered by supply agreements with customers which mitigate this risk.
Environmental liabilities
The company conducts its operations in such a manner as to ensure compliance with environmental laws and regulations. If events occur where the action is necessary to maintain compliance, the company will devote suitable resources to the issue in order to remedy the situation.
Employees
The workforce employed is small therefore, the company recognises the importance of this resource and as such reviews its remuneration and recruitment policies on a regular basis, in order to ensure the they continue to retain and attract the best possible workforce.
Future trading and liquidity risk
The financial stability of the company depends on its future trading and liquidity. The company regularly prepares profit and cash flow forecasts based on the likely levels of demand from key customers and suppliers. The resulting working capital projections are reviewed regularly to ensure cash resources are adequate. The company is reliant on timely receipt from customers. Short term cash flow need is monitored on a daily and weekly basis to ensure commitments are met on a timely basis.
Product quality control
Maintaining a high level of quality in the products is key to the company. The business is exposed to warranty, product recall and liability claims if our products fail to perform as expected. In order to mitigate this risk, the company has extensive quality assurance checks embedded in all parts of the business, from design and development to the production process and delivery to the customers. This role is performed by a dedicated quality control team, who report to management on a regular basis.
Health and safety
Providing a safe working environment is a key priority for the company. The company has health and safety programs and regular risk assessments, which are implemented and enforced throughout the company, and overseen by management.
Key performance indicators
The directors have identified the following "Key performance indicators" to help, understand and measure the performance of the company.
2023 2022
(as restated)
£ £
Revenue 17,976,716 18,181,246
Operating profit 567,324 3,162,712
Gross profit margin 26.96% 39.75%
The directors also use non-financial performance indicators to monitor, control performance and manage risks. These indicators are regularly reviewed to ensure that they remain appropriate and relevant to monitor the challenges, complexities and improvements in the business. In any event the directors are of the opinion that underlying financial statements would enable key financial KPI's to be evaluated.
SUPER TOUGHENED GLASS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Mr R K Hirani
Director
27 February 2024
SUPER TOUGHENED GLASS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
The directors present their annual report and the audited financial statements for the year ended 31 May 2023.
Principal activities
The principal activity of the company continued to be that of manufacturer of toughened and processing of glass.
Results and dividends
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R K Hirani
Mr U K Hirani
Mr S D Meghani
Mr D Meghani
Mr A Patel
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Political donations
The company has made no political donations in the current year and last year.
Auditor
The auditor, King & King, Chartered Accountants and Statutory Auditor is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report in the strategic report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
SUPER TOUGHENED GLASS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
On behalf of the board
Mr R K Hirani
Director
27 February 2024
SUPER TOUGHENED GLASS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
The directors are responsible for preparing the annual report 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.
SUPER TOUGHENED GLASS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUPER TOUGHENED GLASS LTD
- 8 -
Opinion
We have audited the financial statements of Super Toughened Glass Ltd (the 'company') for the year ended 31 May 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 May 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
With respect to the Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
SUPER TOUGHENED GLASS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPER TOUGHENED GLASS LTD
- 9 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 auditor's 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.
SUPER TOUGHENED GLASS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPER TOUGHENED GLASS LTD
- 10 -
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, we considered following:
- 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; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the Financial Statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
Audit response to the risk identified
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
In addition to the above, our procedures to respond to risks identified included the following:
in addressing the risk of fraud through management override of controls, testing appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SUPER TOUGHENED GLASS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPER TOUGHENED GLASS LTD
- 11 -
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 auditor's 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.
Rajesh Patel
Senior Statutory Auditor
For and on behalf of King & King
Chartered Accountants & Statutory Auditor
65-67 Wembley Hill Road
27 February 2024
Wembley
Middlesex
HA9 8DP
SUPER TOUGHENED GLASS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
- 12 -
2023
2022
as restated
Notes
£
£
Turnover
3
17,976,716
18,181,246
Cost of sales
(13,128,580)
(10,954,966)
Gross profit
4,848,136
7,226,280
Distribution costs
(1,059,187)
(889,864)
Administrative expenses
(3,733,655)
(3,367,549)
Other operating income
512,030
193,845
Operating profit
4
567,324
3,162,712
Interest receivable and similar income
9
2,117,017
809,025
Interest payable and similar expenses
8
(115,368)
(205,327)
Fair value gains and losses on investment properties
13
(148,200)
Profit before taxation
2,568,973
3,618,210
Tax on profit
10
(495,287)
(9,400,924)
Profit/(loss) for the financial year
2,073,686
(5,782,714)
Other comprehensive income
Revaluation of tangible fixed assets
8,253,860
Total comprehensive income for the year
2,073,686
2,471,146
The income statement has been prepared on the basis that all operations are continuing operations.
SUPER TOUGHENED GLASS LTD
STATEMENT OF FINANCIAL POSITION
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,594,794
4,581,087
Investment property
13
19,485,937
1,417,176
23,080,731
5,998,263
Current assets
Stocks
14
359,547
248,593
Debtors
15
2,263,580
2,462,957
Investments
16
17,850,280
29,666,908
Cash at bank and in hand
3,669,219
3,622,523
24,142,626
36,000,981
Creditors: amounts falling due within one year
17
(3,191,282)
(9,057,859)
Net current assets
20,951,344
26,943,122
Total assets less current liabilities
44,032,075
32,941,385
Creditors: amounts falling due after more than one year
18
(9,361,786)
(280,916)
Provisions for liabilities
Deferred tax liability
21
829,103
892,969
(829,103)
(892,969)
Net assets
33,841,186
31,767,500
Capital and reserves
Called up share capital
24
387,860
387,860
Capital redemption reserve
25
96,964
96,964
Profit and loss reserves
33,356,362
31,282,676
Total equity
33,841,186
31,767,500
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 27 February 2024 and are signed on its behalf by:
Mr S D Meghani
Director
Company registration number 03642686 (England and Wales)
SUPER TOUGHENED GLASS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 May 2022:
Balance at 1 June 2021
387,860
42,731,090
96,964
18,000,440
61,216,354
Year ended 31 May 2022:
Loss
-
-
-
(5,782,714)
(5,782,714)
Other comprehensive income:
Revaluation of tangible fixed assets
-
8,253,860
-
-
8,253,860
Total comprehensive income
-
8,253,860
-
(5,782,714)
2,471,146
Dividends
11
-
-
-
(31,920,000)
(31,920,000)
Transfers
-
(50,984,950)
-
50,984,950
-
Balance at 31 May 2022
387,860
96,964
31,282,676
31,767,500
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
2,073,686
2,073,686
Balance at 31 May 2023
387,860
96,964
33,356,362
33,841,186
SUPER TOUGHENED GLASS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
- 15 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,975,321
3,934,107
Interest paid
(115,368)
(205,327)
Income taxes paid
(7,116,124)
(2,907,201)
Net cash (outflow)/inflow from operating activities
(5,256,171)
821,579
Investing activities
Purchase of tangible fixed assets
(74,012)
(868,743)
Proceeds from disposal of tangible fixed assets
62,130,901
Purchase of investment property
(18,068,760)
Proceeds from disposal of investment property
407,688
Purchase of investments
(29,666,908)
Proceeds from disposal of investments
11,816,628
Interest received
2,117,017
809,025
Net cash (used in)/generated from investing activities
(4,209,127)
32,811,963
Financing activities
Repayment of bank loans
9,836,564
Payment of finance leases obligations
(324,570)
229,452
Dividends paid
(31,920,000)
Net cash generated from/(used in) financing activities
9,511,994
(31,690,548)
Net increase in cash and cash equivalents
46,696
1,942,994
Cash and cash equivalents at beginning of year
3,622,523
1,679,529
Cash and cash equivalents at end of year
3,669,219
3,622,523
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 16 -
1
Accounting policies
Company information
Super Toughened Glass Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 65-67 Wembley Hill Road, Wembley, Middlesex, HA9 8DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Prior period comparatives have been reclassified to align to the current period presentational approach.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have prepared detailed financial projections for the period ending 31 December 2025. These projections are based on assumptions that the directors consider to be reasonable and achievable.true
In preparing these projections, the directors have also considered the potential impact of possible recession and the ongoing inflation in the UK economy. As at the date of approving these financial statements the company’s trading volumes and client base have not been significantly affected by the state of the UK economy, although it is difficult to evaluate all the potential implications on the group’s trade, customers and the wider economy.
The company made a operating profit of £567,324 and the statement of financial position shows net assets of £33,841,186.
After considering the above matters, current trading levels, and the existing banking facilities available to the company, the directors believe that the company will have adequate resources to meet its liabilities as they fall due so as to operate as a going concern for at least twelve months following the date of approval of these financial statements. The directors therefore consider it appropriate to continue to apply the going concern basis for preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 17 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
Assets on finance lease are depreciated over the shorter of the lease term and the estimated useful life of the asset.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 18 -
Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 20 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 21 -
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful life of property, plant and equipment
Management reviews the useful life of property, plant and equipment on a regular basis. Any changes in estimates may effect the carrying amounts of the respective property, plant and equipment with a corresponding effect on the related depreciation charge.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Provision of bad debts
An allowance for bad debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified. The trade receivables balance is assessed at the end of each reporting period whether there is evidence of impairment and recognises a bad debt allowance if such evidence arises.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
17,976,716
18,181,246
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
3
Turnover and other revenue
(Continued)
- 22 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
17,976,716
18,181,246
2023
2022
£
£
Other revenue
Interest income
2,117,017
809,025
Grants received
-
85,115
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(731)
(12,235)
Government grants
-
(85,115)
Depreciation of owned tangible fixed assets
389,290
570,350
Depreciation of tangible fixed assets held under finance leases
121,845
-
Loss on disposal of tangible fixed assets
549,169
-
Profit on disposal of investment property
(159,731)
Operating lease charges
1,438,778
1,376,644
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,000
16,000
For other services
All other non-audit services
14,000
14,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production and transport staff
110
125
Administrative staff
10
10
Management staff
5
5
Total
125
140
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
6
Employees
(Continued)
- 23 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,465,568
3,547,316
Social security costs
327,967
316,896
Pension costs
543,741
382,869
4,337,276
4,247,081
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
126,523
162,033
Company pension contributions to defined contribution schemes
480,000
320,000
606,523
482,033
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
351,615
-
Other finance costs:
Interest on finance leases and hire purchase contracts
11,055
10,567
Other interest
(247,302)
194,760
115,368
205,327
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
2,117,017
809,025
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
562,151
9,063,107
Adjustments in respect of prior periods
(2,998)
Total current tax
559,153
9,063,107
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
10
Taxation
2023
2022
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
(63,866)
337,817
Total tax charge
495,287
9,400,924
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,568,973
3,618,210
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2022: 19.00%)
513,865
687,460
Tax effect of expenses that are not deductible in determining taxable profit
885
899
Permanent capital allowances in excess of depreciation
49,404
164,795
Research and development tax credit
(57,442)
Effect of revaluations of investments
(1,081,928)
Deferred tax adjustments in respect of prior years
(5,001)
Deferred tax adjustments
(63,866)
Tax on sale of fixed assets
9,687,140
Taxation charge for the year
495,287
9,400,924
11
Dividends
2023
2022
£
£
Interim paid
31,920,000
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 25 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
8,964,152
893,623
853,988
10,711,763
Additions
45,488
13,928
14,595
74,011
Disposals
(1,750,000)
(1,750,000)
At 31 May 2023
7,259,640
907,551
868,583
9,035,774
Depreciation and impairment
At 1 June 2022
5,037,443
680,898
412,335
6,130,676
Depreciation charged in the year
397,220
22,665
91,250
511,135
Eliminated in respect of disposals
(1,200,831)
(1,200,831)
At 31 May 2023
4,233,832
703,563
503,585
5,440,980
Carrying amount
At 31 May 2023
3,025,808
203,988
364,998
3,594,794
At 31 May 2022
3,926,709
212,725
441,653
4,581,087
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
526,500
585,000
Motor vehicles
253,378
316,723
779,878
901,723
13
Investment property
2023
£
Fair value
At 1 June 2022
1,417,177
Additions through external acquisition
18,068,760
At 31 May 2023
19,485,937
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
13
Investment property
(Continued)
- 26 -
Investment properties comprise of freehold which was purchased on 11 July 2014. This is held at fair value as at 31 May 2023 on the basis of a valuation carried out by the directors. The valuation which does not differ from the valuation at the end of the reporting period, was arrived by reference to market evidence of transactions prices for similar properties.
The historic cost of the freehold investment property was £1,417,176 (2022: £1,417,176)
Company purchased a investment property on 25th October 2022 for the sum of £18,068,760. This is held as security by the bank by way of legal charge dated 25/10/2022. Fixed and floating debenture from the company and the parent company, including a first ranking fixed charge over Unit E, Chiltern Park, Boscombe Rd, Dunstable LU5 4LT. The valuation which does not differ from the valuation at the end of the reporting period, was arrived by reference to market evidence of transactions prices for similar properties.
14
Stocks
2023
2022
£
£
Raw materials and consumables
185,607
172,840
Work in progress
173,940
75,753
359,547
248,593
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,049,001
2,305,442
Corporation tax recoverable
189,056
Other debtors
25,523
97,305
Prepayments and accrued income
60,210
2,263,580
2,462,957
The company has a discounting facility for the book debts with the bank. The facility is secured by way of a floating charge over book debts. At the year end no book debts have been discounted.
16
Current asset investments
2023
2022
£
£
Unlisted investments
17,850,280
29,666,908
Unlisted investments have fixed coupon rates at 7.0% –10.5% (2022: 10.5%) and mature between 1 January 2023 and 30 September 2024 (2022 : 1 December 2022 and 31 March 2024). They are measured at amortised cost.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 27 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
19
494,894
Obligations under finance leases
20
260,800
324,570
Trade creditors
1,598,070
1,067,577
Amounts owed to group undertakings
2,538
602,538
Corporation tax
6,367,915
Other taxation and social security
291,536
331,623
Deferred income
22
49,649
Other creditors
120,622
108,379
Accruals and deferred income
373,173
255,257
3,191,282
9,057,859
The hire purchase obligations are secured against the assets to which they relate. Amounts owed to group undertakings is an interest free, unsecured, have fixed date of repayment and repayable on demand.
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19
9,341,670
Obligations under finance leases
20
20,116
280,916
9,361,786
280,916
The hire purchase obligations are secured against the assets to which they relate.
The bank loan is repayable by instalments by 25th October 2027. Interest charged on the loan at 2.15% p.a. over Bank of England base rate. The Bank loan is secured by way of fixed charge over the freehold property of the company. The parent company has given cross guarantee and and debenture.
19
Loans and overdrafts
2023
2022
£
£
Bank loans
9,836,564
Payable within one year
494,894
Payable after one year
9,341,670
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
19
Loans and overdrafts
(Continued)
- 28 -
The bank loan is repayable by instalments by 25th October 2027. Interest charged on the loan at 2.15% p.a. over Bank of England base rate. Fixed and floating debenture from the company and the parent company, including a first ranking fixed charge over Unit E, Chiltern Park, Boscombe Rd, Dunstable LU5 4LT.
Invoice discounting facility is secured by fixed and floating charge over all the assets of the company.
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
260,800
324,570
In two to five years
20,116
280,916
280,916
605,486
Finance lease obligations are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
829,103
892,969
2023
Movements in the year:
£
Liability at 1 June 2022
892,969
Credit to profit or loss
(63,866)
Liability at 31 May 2023
829,103
The net deferred tax liability expected to reverse in 2024 is £199,047.
22
Deferred income
2023
2022
£
£
Other deferred income
49,649
-
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 29 -
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
543,741
382,869
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 30 -
24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
387,860
387,860
387,860
387,860
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
25
Capital redemption reserve
There were no movement in capital redemption reserve during the the year (2022: £Nil)
This reserve records the nominal value of shares purchased by the company.
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
1,723,382
1,145,765
Between two and five years
6,893,527
8,616,909
8,616,909
9,762,674
Lessor
The company has two investment property that generate rental income. Rental income earned during the year was £561,678 (2022: £108,730). All operating lease contracts contain market review and break clauses in the event that the lessee exercises its option either to renew or terminate the lease. The lessee does not have an option to purchase the property at the expiry of the lease.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
845,335
114,675
Between two and five years
3,364,449
260,240
In over five years
72,639
128,008
4,282,423
502,923
Rents recognised as income in the year amount to £512,030 (2022 - £108,730).
27
Events after the reporting date
No such significant or material transaction has taken place after the reporting date of 31 May 2023.
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 31 -
28
Related party transactions
The company has taken advantage of the exemption provided by section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date with wholly owned members of Super Toughened Group Limited.
By virtue of common directorships, the company is related to Super Sealed Units Ltd, a company incorporated in the England. During the year total sales to Super Sealed Units Ltd were for the sum of £2,463,417 (2022: £3,082,721) and purchases of £ 41,425 (2022: £424,347)
As at year end balance amount payable to Super Sealed Units Ltd was £11,064 (2022: £11,064)
29
Ultimate controlling party
The immediate parent company is Super Toughened Group Limited, a company incorporated in England and Wales.
No single entity or individual has ultimate controlling party.
The largest and smallest groups in which the results of the company are consolidated are headed by Super Toughened Group Limited. The financial statements are publicly available by writing to the company secretary at 65-67 Wembley Hill Road, Wembley, Middlesex HA9 8DP.
30
Cash generated from operations
2023
2022
£
£
Profit/(loss) for the year after tax
2,073,686
(5,782,714)
Adjustments for:
Taxation charged
495,287
9,400,924
Finance costs
115,368
205,327
Investment income
(2,117,017)
(809,025)
Loss on disposal of tangible fixed assets
549,169
-
Gain on disposal of investment property
(159,731)
Fair value (gain)/loss on investment properties
148,200
Depreciation and impairment of tangible fixed assets
511,135
570,350
Movements in working capital:
Increase in stocks
(110,954)
(57,189)
Decrease in debtors
388,433
249,219
Increase in creditors
20,565
168,746
Increase in deferred income
49,649
-
Cash generated from operations
1,975,321
3,934,107
SUPER TOUGHENED GLASS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 32 -
31
Analysis of changes in net funds/(debt)
1 June 2022
Cash flows
31 May 2023
£
£
£
Cash at bank and in hand
3,622,523
46,696
3,669,219
Borrowings excluding overdrafts
-
(9,836,564)
(9,836,564)
Obligations under finance leases
(605,486)
324,570
(280,916)
3,017,037
(9,465,298)
(6,448,261)
32
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 May 2022
£
£
£
Net assets
31,767,500
-
31,767,500
Capital and reserves
Total equity
31,767,500
-
31,767,500
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 May 2022
£
£
£
Exceptional items
50,984,950
(50,984,950)
-
Profit/(loss) for the financial period
45,202,236
(50,984,950)
(5,782,714)
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit/(loss) for the previous financial period
2022
£
Adjustments to prior year
Sale of tangible fixed assets
(50,984,950)
Profit as previously reported
45,202,236
Loss as adjusted
(5,782,714)
Notes to reconciliation
The gain on sale of property of £50,984,950 were incorrectly included in administrative expenses. This has now been reflected correctly in other comprehensive income.
2023-05-312022-06-01falseCCH SoftwareCCH Accounts Production 2023.200Mr U K HiraniMr S D MeghaniMr D MeghaniMr A PatelA PatelMr R K Hirani036426862022-06-012023-05-3103642686bus:CompanySecretaryDirector12022-06-012023-05-3103642686bus:Director12022-06-012023-05-3103642686bus:Director22022-06-012023-05-3103642686bus:Director32022-06-012023-05-3103642686bus:Director42022-06-012023-05-3103642686bus:CompanySecretary12022-06-012023-05-3103642686bus:Director52022-06-012023-05-3103642686bus:RegisteredOffice2022-06-012023-05-31036426862023-05-31036426862021-06-012022-05-3103642686core:RetainedEarningsAccumulatedLosses2021-06-012022-05-3103642686core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3103642686core:RevaluationReserve2022-06-012023-05-31036426862022-05-3103642686core:PlantMachinery2023-05-3103642686core:FurnitureFittings2023-05-3103642686core:MotorVehicles2023-05-3103642686core:PlantMachinery2022-05-3103642686core:FurnitureFittings2022-05-3103642686core:MotorVehicles2022-05-3103642686core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3103642686core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3103642686core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3103642686core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3103642686core:CurrentFinancialInstruments2023-05-3103642686core:CurrentFinancialInstruments2022-05-3103642686core:Non-currentFinancialInstruments2023-05-3103642686core:Non-currentFinancialInstruments2022-05-3103642686core:ShareCapital2023-05-3103642686core:ShareCapital2022-05-3103642686core:CapitalRedemptionReserve2023-05-3103642686core:CapitalRedemptionReserve2022-05-3103642686core:RetainedEarningsAccumulatedLosses2023-05-3103642686core:RetainedEarningsAccumulatedLosses2022-05-3103642686core:ShareCapital2021-05-3103642686core:RevaluationReserve2021-05-3103642686core:CapitalRedemptionReserve2021-05-3103642686core:RetainedEarningsAccumulatedLosses2021-05-3103642686core:RevaluationReserve2022-05-3103642686core:RevaluationReserve2023-05-3103642686core:RevaluationReserve2021-06-012022-05-310364268612022-06-012023-05-310364268612021-06-012022-05-31036426862022-05-31036426862021-05-3103642686core:PlantMachinery2022-06-012023-05-3103642686core:FurnitureFittings2022-06-012023-05-3103642686core:MotorVehicles2022-06-012023-05-3103642686core:UKTax2022-06-012023-05-3103642686core:UKTax2021-06-012022-05-310364268622022-06-012023-05-310364268622021-06-012022-05-310364268632022-06-012023-05-310364268632021-06-012022-05-3103642686core:PlantMachinery2022-05-3103642686core:FurnitureFittings2022-05-3103642686core:MotorVehicles2022-05-3103642686core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-05-3103642686core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-05-3103642686core:WithinOneYear2023-05-3103642686core:WithinOneYear2022-05-3103642686core:BetweenTwoFiveYears2023-05-3103642686core:BetweenTwoFiveYears2022-05-3103642686core:MoreThanFiveYears2023-05-3103642686core:MoreThanFiveYears2022-05-3103642686bus:PrivateLimitedCompanyLtd2022-06-012023-05-3103642686bus:FRS1022022-06-012023-05-3103642686bus:Audited2022-06-012023-05-3103642686bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP