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Registered number: 06510420










GG GLASS AND GLAZING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
GG GLASS AND GLAZING LIMITED
 
 
COMPANY INFORMATION


Directors
J. J. Grant 
S. Grant 
R. Moss 
R. E. Williams 
D. J. Worrall 
M. G. Jones 




Registered number
06510420



Registered office
350/352 West Derby Road

Liverpool

L13 7HG




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
GG GLASS AND GLAZING LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9 - 10
Company statement of financial position
 
11 - 12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 41


 
GG GLASS AND GLAZING LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Business review
 
As Directors it is our aim to present a balanced and detailed review of the development and performance of the company during the year and its position at year end.  Our review is appropriate with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced by the company.
The period to end July 2023 was happily without any pandemic influences but as can be expected in the harsh economic world there were two major events which impacted upon the UK economy. Firstly, the Russian invasion of Ukraine and the war inflicted upon the inhabitants created a significant uplift in the cost of energy resources and feeding into supplier charges. Secondly inflation rose to levels not seen for many years also impacting upon the costs of supply and significant pressures upon wages/salaries. The directors believe that the consolidated group performance is satisfactory taking into account the economic circumstance. Sales performance was strong and further growth is expected in the year to July 2024.
Challenges around recruitment remain and the company continue to maximise apprenticeship opportunities throughout our branch network.  Geographically take up has been mixed with some branches finding recruitment easier than others but strategy remains in order to drive growth as confidence in retail and construction restores. It is anticipated that pressures will be ongoing upon recruitment.

Principal risks and uncertainties
 
As ever the Board are aware that the company is subject to any number of risks and economic uncertainties that may have an effect on our customers, and our own plans for the future may be subject to unforeseen events outside of our control. Political and economic uncertainty around the world is constantly headline issues and continue to impact upon the UK economy. There appears to be some light ahead with inflation falling significantly and energy prices more stable although significantly higher than 2 years ago. We have sought over recent years to reduce these risks by spreading sales across several categories and in particular have seen our National Replacement Service go from strength to strength. We will continue to work with our increasing customer base to maintain our unrivalled service levels.
The biggest uncertainty for the company lies with any future economic and world-wide politic decisions both outside the control of the company. The experience gained from the economic challenges of recent years allows the Directors to face the future with confidence and manage the unknown  

Financial key performance indicators
 
Given the straightforward nature of the business, the company’s directors are of the opinion that analysis using KPI’s is not necessary for an understanding of the development, performance or position of the business. Performance of individual contracts are monitored closely to ensure our costings are reasonably accurate, wastage is minimised, and profits are maximised.


This report was approved by the board on 17 April 2024 and signed on its behalf.







S. Grant
Director

Page 1

 
GG GLASS AND GLAZING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company is a fully national emergency glazier and one of the UK’s leading contract glazing specialists providing clients with a complete glass and glazing solution.

Results and dividends

The profit for the year, after taxation, amounted to £793,822 (2022 - £823,453).

Dividends amounting to £648,089 (2022 - £352,201) have been paid in the period. The directors do not recommend any further dividends for the period ended 31 July 2023.

Directors

The directors who served during the year were:

J. J. Grant 
S. Grant 
R. Moss 
R. E. Williams 
D. J. Worrall 
R. J. Worrall (resigned 31 March 2024)
M. G. Jones 

Page 2

 
GG GLASS AND GLAZING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Future developments

The directors wish to focus on developing our recent acquisitions to fulfil their potential, especially in the midlands and the north east.  This is likely to include investment in machinery and staff.  Commercial Aluminium has become a key internal manufacturer of aluminium systems for the wider branch network but more can be done in terms of external sales, and investment is needed to maximise potential. 
The group remains interested in further acquisitions should the opportunity arise in key geographical locations.  Failing this the establishment of new branches is still a viable option.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 April 2024 and signed on its behalf.
 







S. Grant
Director

Page 3

 
GG GLASS AND GLAZING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GG GLASS AND GLAZING LIMITED
 

Opinion

We have audited the financial statements of GG Glass and Glazing Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 July 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.

Page 4

 
GG GLASS AND GLAZING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GG GLASS AND GLAZING LIMITED (CONTINUED)


Opinion 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
GG GLASS AND GLAZING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GG GLASS AND GLAZING LIMITED (CONTINUED)


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 Group financial statements.

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:

The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
enquiries of management; and
journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
 
Page 6

 
GG GLASS AND GLAZING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GG GLASS AND GLAZING LIMITED (CONTINUED)



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.

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 2006Our 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.






Simon Whalley (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

17 April 2024
Page 7

 
GG GLASS AND GLAZING LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
24,706,501
21,935,984

Cost of sales
  
(16,700,791)
(15,047,890)

Gross profit
  
8,005,710
6,888,094

Administrative expenses
  
(6,969,179)
(5,866,448)

Other operating income
 5 
34,876
54,041

Operating profit
 6 
1,071,407
1,075,687

Interest receivable and similar income
 10 
421
-

Interest payable and similar expenses
 11 
(63,168)
(46,760)

Profit before taxation
  
1,008,660
1,028,927

Tax on profit
 12 
(214,838)
(205,474)

Profit for the financial year
  
793,822
823,453

Profit for the year attributable to:
  

Owners of the parent Company
  
793,822
823,453

  
793,822
823,453

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
793,822
823,453

  
793,822
823,453

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 18 to 41 form part of these financial statements.

Page 8

 
GG GLASS AND GLAZING LIMITED
REGISTERED NUMBER: 06510420

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
145,110
191,517

Tangible assets
 15 
1,191,186
1,288,980

  
1,336,296
1,480,497

Current assets
  

Stocks
 17 
1,089,713
982,985

Debtors: amounts falling due within one year
 18 
6,281,214
7,156,919

Cash at bank and in hand
 19 
982,302
772,148

  
8,353,229
8,912,052

Creditors: amounts falling due within one year
 20 
(4,163,174)
(4,733,261)

Net current assets
  
 
 
4,190,055
 
 
4,178,791

Total assets less current liabilities
  
5,526,351
5,659,288

Creditors: amounts falling due after more than one year
 21 
(534,790)
(756,694)

Provisions for liabilities
  

Deferred taxation
 25 
(128,413)
(185,186)

  
 
 
(128,413)
 
 
(185,186)

Net assets
  
4,863,148
4,717,408


Capital and reserves
  

Called up share capital 
 26 
3,618
3,611

Share premium account
 27 
105,500
105,500

Capital redemption reserve
 27 
1,000
1,000

Profit and loss account
 27 
4,753,030
4,607,297

Equity attributable to owners of the parent Company
  
4,863,148
4,717,408


Page 9

 
GG GLASS AND GLAZING LIMITED
REGISTERED NUMBER: 06510420
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.






S. Grant
Director

The notes on pages 18 to 41 form part of these financial statements.

Page 10

 
GG GLASS AND GLAZING LIMITED
REGISTERED NUMBER: 06510420

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
145,110
211,467

Tangible assets
 15 
1,171,934
1,258,575

Investments
 16 
115,207
115,207

  
1,432,251
1,585,249

Current assets
  

Stocks
 17 
1,074,489
953,125

Debtors: amounts falling due within one year
 18 
5,961,468
6,918,309

Cash at bank and in hand
 19 
759,990
653,068

  
7,795,947
8,524,502

Creditors: amounts falling due within one year
 20 
(3,927,333)
(4,535,402)

Net current assets
  
 
 
3,868,614
 
 
3,989,100

Total assets less current liabilities
  
5,300,865
5,574,349

  

Creditors: amounts falling due after more than one year
 21 
(534,790)
(756,694)

Provisions for liabilities
  

Deferred taxation
 25 
(124,282)
(177,733)

  
 
 
(124,282)
 
 
(177,733)

Net assets
  
4,641,793
4,639,922


Capital and reserves
  

Called up share capital 
 26 
3,618
3,611

Share premium account
 27 
105,500
105,500

Capital redemption reserve
 27 
1,000
1,000

Profit and loss account brought forward
  
4,529,811
4,112,301

Profit for the year
  
649,953
769,711

Other changes in the profit and loss account

  

(648,089)
(352,201)

Profit and loss account carried forward
  
4,531,675
4,529,811

  
4,641,793
4,639,922


Page 11

 
GG GLASS AND GLAZING LIMITED
REGISTERED NUMBER: 06510420
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.






S. Grant
Director

The notes on pages 18 to 41 form part of these financial statements.

Page 12

 
GG GLASS AND GLAZING LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 August 2021
3,611
105,500
1,000
4,136,045
4,246,156


Comprehensive income for the year

Profit for the year
-
-
-
823,453
823,453


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
823,453
823,453


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(352,201)
(352,201)


Total transactions with owners
-
-
-
(352,201)
(352,201)


At 1 August 2022
3,611
105,500
1,000
4,607,297
4,717,408


Comprehensive income for the year

Profit for the year
-
-
-
793,822
793,822


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
793,822
793,822


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(648,089)
(648,089)

Shares issued during the year
8
-
-
-
8


Total transactions with owners
8
-
-
(648,089)
(648,081)


At 31 July 2023
3,619
105,500
1,000
4,753,030
4,863,149


The notes on pages 18 to 41 form part of these financial statements.

Page 13

 
GG GLASS AND GLAZING LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 August 2021
3,611
105,500
1,000
4,112,301
4,222,412


Comprehensive income for the year

Profit for the year
-
-
-
769,711
769,711


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
769,711
769,711


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(352,201)
(352,201)


Total transactions with owners
-
-
-
(352,201)
(352,201)


At 1 August 2022
3,611
105,500
1,000
4,529,811
4,639,922


Comprehensive income for the year

Profit for the year
-
-
-
649,953
649,953


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
649,953
649,953


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(648,089)
(648,089)

Shares issued during the year
8
-
-
-
8


Total transactions with owners
8
-
-
(648,089)
(648,081)


At 31 July 2023
3,619
105,500
1,000
4,531,675
4,641,794


The notes on pages 18 to 41 form part of these financial statements.

Page 14

 
GG GLASS AND GLAZING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
793,822
823,453

Adjustments for:

Amortisation of intangible assets
58,455
97,808

Depreciation of tangible assets
305,598
284,326

Loss on disposal of tangible assets
(26,764)
(5,138)

Government grants
-
(27,714)

Interest paid
63,169
46,760

Interest received
(421)
-

Taxation charge
214,838
205,474

(Increase) in stocks
(106,728)
(204,401)

Decrease/(increase) in debtors
875,711
(2,215,673)

(Decrease)/increase in creditors
(357,564)
751,800

Corporation tax (paid)/received
(274,090)
14,743

Net cash generated from operating activities

1,546,026
(228,562)


Cash flows from investing activities

Purchase of intangible fixed assets
(12,047)
15,879

Purchase of tangible fixed assets
(149,255)
(120,844)

Sale of tangible fixed assets
28,750
37,300

Interest received
421
-

HP interest paid
(25,972)
(15,638)

Net cash from investing activities

(158,103)
(83,303)

Cash flows from financing activities

Repayment of loans
(200,000)
(200,000)

Repayment of/new finance leases
(149,034)
(104,430)

Dividends paid
(648,089)
(352,201)

Interest paid
(37,197)
(31,122)

Net cash used in financing activities
(1,034,320)
(687,753)

Net increase/(decrease) in cash and cash equivalents
353,603
(999,618)

Cash and cash equivalents at beginning of year
582,897
1,582,515

Cash and cash equivalents at the end of year
936,500
582,897


Cash and cash equivalents at the end of year comprise:
Page 15

 
GG GLASS AND GLAZING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


2023
2022

£
£


Cash at bank and in hand
982,302
772,148

Bank overdrafts
(45,802)
(189,251)

936,500
582,897


The notes on pages 18 to 41 form part of these financial statements.

Page 16

 
GG GLASS AND GLAZING LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023





At 1 August 2022
Cash flows
New finance leases
At 31 July 2023
£

£

£

£

Cash at bank and in hand

772,148

210,154

-

982,302

Bank overdrafts

(189,251)

143,449

-

(45,802)

Debt due after 1 year

(566,666)

200,000

-

(366,666)

Debt due within 1 year

(213,300)

13,300

-

(200,000)

Finance leases

(334,666)

149,034

(60,534)

(246,166)


(531,735)
715,937
(60,534)
123,668

The notes on pages 18 to 41 form part of these financial statements.

Page 17

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

GG Glass and Glazing Limited is a private limited liability company, limited by shares registered in England and Wales within the United Kingdom. The registered office is 350/352 West Derby Road, Liverpool, L13 7HG and company number is 06510420.
The company is a fully national emergency glazier and one of the UK’s leading contract glazing specialists providing clients with a complete glass and glazing solution.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 February 2014.

 
2.3

Going concern

The company has cash resources and external funding in the form of a bank loan, overdraft facility and credit cards. Current forecasts indicate that the company expects to be able to operate within these facilities for the whole of the foreseeable future and accordingly the directors have a high expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

Page 18

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 19

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% and 10% straight line
S/Term Leasehold Property
-
10% straight line
Plant & machinery
-
10% straight line
Motor vehicles
-
20% straight line
Fixtures & fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 August 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 22

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 23

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 24

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.22

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 25

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation of fixed assets, the value of work in progress and provision for bad debts.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
59,901
26,327

Government grants receivable
(25,025)
27,714

34,876
54,041



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
1,080,046
929,814


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
24,500
23,250

Fees payable to the Company's auditors in respect of:

Taxation compliance services
6,550
6,250

All non-audit services not included above
9,700
11,000

Page 26

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
7,283,154
6,436,388
6,877,645
6,345,195

Social security costs
783,242
694,069
737,252
660,724

Cost of defined contribution scheme
327,106
216,574
315,492
203,943

8,393,502
7,347,031
7,930,389
7,209,862


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Direct
112
102
107
101



Office and management
86
79
80
77

198
181
187
178


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
140,155
202,975

Group contributions to defined contribution pension schemes
44,784
43,596

184,939
246,571


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

Page 27

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
421
-

421
-


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
29,844
23,948

Finance leases and hire purchase contracts
25,972
15,638

Other interest payable
7,352
7,174

63,168
46,760


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
271,611
185,618

Adjustments in respect of previous periods
-
1,066


271,611
186,684


Total current tax
271,611
186,684

Deferred tax


Origination and reversal of timing differences
(56,773)
16,228

Changes to tax rates
-
2,637

Adjustments in respect of prior periods
-
(75)

Total deferred tax
(56,773)
18,790


Taxation on profit on ordinary activities
214,838
205,474
Page 28

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 21% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,008,659
1,028,927


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21% (2022 - 19%)
211,818
195,496

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(4,122)
218

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,813
2,004

Fixed asset differences
10,412
1,263

Adjustments to tax charge in respect of prior periods
-
1,066

Adjustments to tax charge in respect of prior periods - deferred tax
-
(75)

Remeasurement of deferred tax for changes in tax rates
(9,062)
6,532

Other differences leading to an increase (decrease) in the tax charge
(21)
(1,030)

Total tax charge for the year
214,838
205,474


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


A Ordinary shares
379,000
127,701


B Ordinary shares
269,089
224,500

648,089
352,201

Page 29

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Intangible assets

Group





Software
Goodwill
Total

£
£
£



Cost


At 1 August 2022
261,814
811,442
1,073,256


Additions
12,047
-
12,047



At 31 July 2023

273,861
811,442
1,085,303



Amortisation


At 1 August 2022
102,068
779,671
881,739


Charge for the year on owned assets
26,683
31,771
58,454



At 31 July 2023

128,751
811,442
940,193



Net book value



At 31 July 2023
145,110
-
145,110



At 31 July 2022
159,746
31,771
191,517



Page 30

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
           14.Intangible assets (continued)

Company




Software
Goodwill
Total

£
£
£



Cost


At 1 August 2022
261,814
557,015
818,829


Additions
12,047
-
12,047



At 31 July 2023

273,861
557,015
830,876



Amortisation


At 1 August 2022
102,068
505,294
607,362


Charge for the year
26,683
51,721
78,404



At 31 July 2023

128,751
557,015
685,766



Net book value



At 31 July 2023
145,110
-
145,110



At 31 July 2022
159,746
51,721
211,467

Page 31

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Tangible fixed assets

Group






Freehold property
S/Term Leasehold Property
Plant, machinery & equipment
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
317,541
149,161
1,553,661
800,710
2,821,073


Additions
23,500
1,465
66,290
118,534
209,789


Disposals
-
-
-
(64,564)
(64,564)



At 31 July 2023

341,041
150,626
1,619,951
854,680
2,966,298



Depreciation


At 1 August 2022
49,720
69,232
985,761
427,380
1,532,093


Charge for the year on owned assets
11,168
14,075
137,433
43,491
206,167


Charge for the year on financed assets
-
-
-
99,431
99,431


Disposals
-
-
-
(62,579)
(62,579)



At 31 July 2023

60,888
83,307
1,123,194
507,723
1,775,112



Net book value



At 31 July 2023
280,153
67,319
496,757
346,957
1,191,186



At 31 July 2022
267,820
79,929
567,900
373,331
1,288,980

Page 32

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
181,505

Motor vehicles
291,560
290,748

291,560
472,253


Company






Freehold property
S/Term Leasehold Property
Plant, machinery & equipment
Motor vehicles
Total

£
£
£
£
£

Cost or valuation


At 1 August 2022
317,541
133,425
1,514,590
718,025
2,683,581


Additions
23,500
1,465
62,758
118,534
206,257


Disposals
-
-
-
(64,564)
(64,564)



At 31 July 2023

341,041
134,890
1,577,348
771,995
2,825,274



Depreciation


At 1 August 2022
49,720
59,463
955,828
359,995
1,425,006


Charge for the year on owned assets
11,168
13,440
135,893
43,491
203,992


Charge for the year on financed assets
-
-
-
86,921
86,921


Disposals
-
-
-
(62,579)
(62,579)



At 31 July 2023

60,888
72,903
1,091,721
427,828
1,653,340



Net book value



At 31 July 2023
280,153
61,987
485,627
344,167
1,171,934



At 31 July 2022
267,820
73,963
558,762
358,030
1,258,575

Page 33

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           15.Tangible fixed assets (continued)






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
181,505

Motor vehicles
291,560
275,447

291,560
456,952


16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2022
115,207



At 31 July 2023
115,207





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

1st Call Glazing Limited
Ordinary
100%
Belmax Limited
Ordinary
100%
Commercial Aluminium Services Limited
Ordinary
100%
GG Glass and Glazing (Scotland) Limited
Ordinary
100%
Wadds Limited
Ordinary
100%
Express Glazing Contractors Limited
Ordinary
100%

Page 34

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

17.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
408,847
443,534
406,947
442,052

Work in progress (goods to be sold)
680,866
539,451
667,542
511,073

1,089,713
982,985
1,074,489
953,125


The difference between purchase price or production cost of stocks and their replacement cost is not material.


18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
5,741,186
6,477,187
5,481,563
6,207,627

Amounts owed by group undertakings
-
-
13,278
63,278

Other debtors
100,024
12,780
55,600
12,780

Prepayments and accrued income
440,004
666,952
411,027
634,624

6,281,214
7,156,919
5,961,468
6,918,309


Included within other debtors due within one year is a loan to D. J. Worrall, a director, amounting to £49,157 (2022 - £NIL). The loan is interest free with no fixed repayment date.




19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
982,302
772,148
759,990
653,068

Less: bank overdrafts
(45,802)
(189,251)
(45,802)
(189,251)

936,500
582,897
714,188
463,817


Page 35

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
45,802
189,251
45,802
189,251

Bank loans
200,000
200,000
200,000
200,000

Trade creditors
2,186,959
2,398,063
2,103,370
2,293,311

Amounts owed to group undertakings
-
-
29,103
29,103

Corporation tax
481,888
484,367
422,442
460,834

Other taxation and social security
391,933
522,972
372,516
500,862

Obligations under finance lease and hire purchase contracts
78,042
144,638
78,042
130,019

Other creditors
90,411
113,554
88,196
110,870

Accruals and deferred income
688,139
680,416
587,862
621,152

4,163,174
4,733,261
3,927,333
4,535,402


Bank loans are secured by a debenture over all the assets of the company.
Obligations under finance leases and hire purchase contracts are secured on the assets concerned.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
366,666
566,666
366,666
566,666

Net obligations under finance leases and hire purchase contracts
168,124
190,028
168,124
190,028

534,790
756,694
534,790
756,694


Bank loans are secured by a debenture over all the assets of the company.
Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.

Page 36

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
200,000
200,000
200,000
200,000


200,000
200,000
200,000
200,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000
200,000
200,000


200,000
200,000
200,000
200,000

Amounts falling due 2-5 years

Bank loans
166,666
366,666
166,666
366,666


166,666
366,666
166,666
366,666

566,666
766,666
566,666
766,666



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
84,593
159,666
84,593
144,796

Between 1-5 years
188,550
204,985
188,550
204,985

273,143
364,651
273,143
349,781

Page 37

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

24.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
982,302
772,148
759,990
653,068




Financial assets measured at fair value through profit or loss comprise bank and cash balances.

Page 38

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

25.


Deferred taxation


Group



2023


£






At beginning of year
(185,186)


Charged to profit or loss
56,773



At end of year
(128,413)

Company


2023


£






At beginning of year
(177,733)


Charged to profit or loss
53,451



At end of year
(124,282)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(150,222)
(189,711)
(145,409)
(182,109)

Short term timing differences
21,809
4,525
21,127
4,376

(128,413)
(185,186)
(124,282)
(177,733)

Page 39

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,590 (2022 - 3,590) A Ordinary shares of £1.00 each
3,590
3,590
282 (2022 - 207) B Ordinary shares of £0.10 each
28
21

3,618

3,611


During the year 75 B Ordinary shares of £0.10 each were issued for consideration of £7.


27.


Reserves

Share premium account

Share premium arose as a result of share capital being purchased for consideration above par value.

Capital redemption reserve

The capital redemption reserve arose on a company purchase of own shares.

Profit & loss account

The profit & loss account is a sum of all retained earnings less dividends paid.


28.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.


29.


Commitments under operating leases

At 31 July 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
703,974
686,840
659,974
642,840

Later than 1 year and not later than 5 years
993,780
1,057,501
916,780
936,501

Later than 5 years
37,013
92,532
37,013
92,532

1,734,767
1,836,873
1,613,767
1,671,873

Page 40

 
GG GLASS AND GLAZING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

30.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.


2023
2022
£
£

Sales to a company under common control
36,000
2,924
Purchases from a company under common control
236,702
196,995
Management charge to a company under common control
59,901
26,327
Amounts due (to) / from a company under common control
(2,441)
(46,104)
Dividends paid to directors
648,089
352,201
Amounts due to directors
8,326
48,768


31.


Controlling party

The directors are the controlling party of the company.


32.


Subsidiary exemption from audit

The directors consider that the group is entitled to exemption from the requirement to have an audit of its subsidiary undertakings under the provisions of section 479A of the Companies Act 2006 ("the Act") and members have not required any of the subsidiaries to obtain an audit for the year in question in accordance with section 476 of the Act.
Express Glazing Contractors Limited, a 100% subsidiary, has claimed exemption under section 479A.






 
Page 41