IRIS Accounts Production v24.1.0.578 03115466 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 true true true false true true false false false false false false true true true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031154662022-12-31031154662023-12-31031154662023-01-012023-12-31031154662021-12-31031154662022-01-012022-12-31031154662022-12-3103115466ns15:EnglandWales2023-01-012023-12-3103115466ns14:PoundSterling2023-01-012023-12-3103115466ns10:Director12023-01-012023-12-3103115466ns10:Consolidated2023-12-3103115466ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3103115466ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103115466ns10:Consolidatedns10:FRS1022023-01-012023-12-3103115466ns10:Consolidatedns10:Audited2023-01-012023-12-3103115466ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103115466ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103115466ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3103115466ns10:FullAccounts2023-01-012023-12-3103115466ns5:Subsidiary12023-01-012023-12-3103115466ns5:Subsidiary22023-01-012023-12-3103115466ns5:Subsidiary32023-01-012023-12-3103115466ns5:Subsidiary42023-01-012023-12-3103115466ns10:OrdinaryShareClass12023-01-012023-12-3103115466ns10:Consolidated2023-01-012023-12-3103115466ns10:Director22023-01-012023-12-3103115466ns10:Director32023-01-012023-12-3103115466ns10:Director42023-01-012023-12-3103115466ns10:Director52023-01-012023-12-3103115466ns10:Director62023-01-012023-12-3103115466ns10:CompanySecretary12023-01-012023-12-3103115466ns10:RegisteredOffice2023-01-012023-12-3103115466ns10:Consolidated2022-01-012022-12-3103115466ns5:CurrentFinancialInstruments2023-12-3103115466ns5:CurrentFinancialInstruments2022-12-3103115466ns5:Non-currentFinancialInstruments2023-12-3103115466ns5:Non-currentFinancialInstruments2022-12-3103115466ns5:ShareCapital2023-12-3103115466ns5:ShareCapital2022-12-3103115466ns5:SharePremium2023-12-3103115466ns5:SharePremium2022-12-3103115466ns5:RetainedEarningsAccumulatedLosses2023-12-3103115466ns5:RetainedEarningsAccumulatedLosses2022-12-3103115466ns5:ShareCapital2021-12-3103115466ns5:RetainedEarningsAccumulatedLosses2021-12-3103115466ns5:SharePremium2021-12-3103115466ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103115466ns5:LandBuildings2022-12-3103115466ns5:FurnitureFittings2022-12-3103115466ns5:MotorVehicles2022-12-3103115466ns5:LandBuildings2023-01-012023-12-3103115466ns5:FurnitureFittings2023-01-012023-12-3103115466ns5:MotorVehicles2023-01-012023-12-3103115466ns5:LandBuildings2023-12-3103115466ns5:FurnitureFittings2023-12-3103115466ns5:MotorVehicles2023-12-3103115466ns5:LandBuildings2022-12-3103115466ns5:FurnitureFittings2022-12-3103115466ns5:MotorVehicles2022-12-3103115466ns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3103115466ns5:CostValuation2022-12-3103115466ns5:Subsidiary112023-01-012023-12-3103115466ns5:Subsidiary12023-12-3103115466ns5:Subsidiary12022-12-3103115466ns5:Subsidiary12022-01-012022-12-31031154663ns5:Subsidiary22023-01-012023-12-3103115466ns5:Subsidiary352023-01-012023-12-3103115466ns5:Subsidiary32023-12-3103115466ns5:Subsidiary32022-12-3103115466ns5:Subsidiary32022-01-012022-12-31031154667ns5:Subsidiary42023-01-012023-12-3103115466ns5:Subsidiary42023-12-3103115466ns5:Subsidiary42022-12-3103115466ns5:Subsidiary42022-01-012022-12-3103115466ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103115466ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103115466ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103115466ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103115466ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3103115466ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3103115466ns5:HirePurchaseContracts2023-12-3103115466ns5:HirePurchaseContracts2022-12-3103115466ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 03115466 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

BDW Holding Company Limited

BDW Holding Company Limited (Registered number: 03115466)

Contents of the Consolidated Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


BDW Holding Company Limited

Company Information
for the year ended 31 December 2023







Directors: M P Davies
M J Paeplow
T J Seifried
S A Slater
I Westwood
D C Eyles



Secretary: D C Eyles



Registered office: 60 Savile Street East
Sheffield
S4 7UQ



Registered number: 03115466 (England and Wales)



Senior statutory auditor: Robin Graham Mason FCCA



Auditors: Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

BDW Holding Company Limited (Registered number: 03115466)

Group Strategic Report
for the year ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

Review of business
The principal activity of the company during the year was to act as a holding company.

The principal activities of the group during the year were the design, procurement, supply and commissioning of glass melting furnaces, forehearths and other types of glass plant and the supply of glass furnace hardware and consumables. The group provides its services and products either on a turnkey basis or separately according to customer requirements.

The group has now returned to, and exceeded, levels of turnover and profitability which were in place prior to the Covid-19 pandemic. This is despite high inflationary pressures experienced throughout 2022 and 2023. The group continues to take appropriate internal steps to limit the risk of future cost increases on existing projects.

The Directors continue to monitor the KPI of the subsidiaries as follows:

Company

Excluding group dividends, the company is intended to break even at the Profit on Ordinary Activities Before Taxation line.

Group

Performance is reviewed on a contract by contract basis, measuring actual performance against original and revised estimates.


BDW Holding Company Limited (Registered number: 03115466)

Group Strategic Report
for the year ended 31 December 2023

Principal risks and uncertainties
The Directors consider the main financial risks of the group and the member companies lie in the areas of interest rates, foreign exchange, pricing (including global inflation) and liquidity. The Directors have assessed the current and foreseeable future risks in those areas and consider that:

1. The group and its member companies have little current or foreseeable interest rate risk. The sole means by which an exposure to interest might occur is the cost of any banking facility the group uses. However, the group consistently does not use the available facility nor do the directors foresee any need to do so.

2. The group and its member companies transact some business in foreign currencies. Whenever possible, large transactions are covered by an appropriate form of currency management, be that by forward currency contracts, by means such as the use of currency accounts or by ensuring that both supply and purchase elements of individual contracts are enacted in the same currency. The Directors recognise that an element of risk is always present because the nature of such transactions is that the timing thereof is not readily predictable and thus a residual risk is always present.

3. The group and its member companies' exposure to price risk is low. As the majority of trade is long term contracts, prices are estimated from the companies' database of current prices, with suitable allowance for changes. Once a contract is in place, the prices are fixed as far as is commercially possible on both the supply and purchase elements and so the risk is minimised.
Both during and for some time after the execution of contracts, member companies may be required to meet the costs of rectification work and warranty claims, either due to express contractual obligations or commercial pressure. The member companies seek to manage these potential liabilities by means of detailed project management and close quality control of both the companies' and their sub suppliers' work and also by including corresponding liabilities in contracts with sub suppliers. If the member companies become aware that such rectification or warranty costs are likely to be incurred, appropriate provision will be made in the accounts of the member company concerned.

4. The group has considerable financial resources, along with a banking facility which is available to all of the group companies. Also, the current projections of business for the reasonably foreseeable future give every indication that the group will perform in a financially positive manner.

On behalf of the board:





D C Eyles - Director


15 April 2024

BDW Holding Company Limited (Registered number: 03115466)

Report of the Directors
for the year ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

Principal activity
The principal activity of the group in the year under review was that of a holding company.

The principal activities of the group during the year were the design, procurement, supply and commissioning of glass melting furnaces, forehearths and other types of glass plant and the supply of glass furnace hardware and consumables. The group provides its services and products either on a turnkey basis or separately according to customer requirements.

Dividends
The total distribution of dividends for the period ended 31 December 2023 was £795,067 (2022 - £nil).

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M P Davies
M J Paeplow
T J Seifried
S A Slater
I Westwood
D C Eyles

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BDW Holding Company Limited (Registered number: 03115466)

Report of the Directors
for the year ended 31 December 2023


Auditors
The auditors, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





D C Eyles - Director


15 April 2024

Report of the Independent Auditors to the Members of
BDW Holding Company Limited


Opinion
We have audited the financial statements of BDW Holding Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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 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 group's and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
BDW Holding Company Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud.
We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
BDW Holding Company Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robin Graham Mason FCCA (Senior Statutory Auditor)
for and on behalf of Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

16 April 2024

BDW Holding Company Limited (Registered number: 03115466)

Consolidated Statement of Comprehensive Income
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 23,291,406 16,534,878

Cost of sales (20,468,718 ) (15,010,238 )
GROSS PROFIT 2,822,688 1,524,640

Administrative expenses (1,134,661 ) (1,336,864 )
OPERATING PROFIT 5 1,688,027 187,776

Interest receivable and similar income 71,650 802
1,759,677 188,578

Interest payable and similar expenses 6 (7,335 ) (15,687 )
PROFIT BEFORE TAXATION 1,752,342 172,891

Tax on profit 7 (413,139 ) (34,494 )
PROFIT FOR THE FINANCIAL YEAR 1,339,203 138,397

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,339,203

138,397

Profit attributable to:
Owners of the parent 1,339,203 138,397

Total comprehensive income attributable to:
Owners of the parent 1,339,203 138,397

BDW Holding Company Limited (Registered number: 03115466)

Consolidated Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 444,570 513,417
Investments 11 2 2
444,572 513,419

CURRENT ASSETS
Stocks 12 372,506 351,777
Debtors 13 3,292,357 5,834,435
Cash at bank and in hand 4,956,119 2,560,547
8,620,982 8,746,759
CREDITORS
Amounts falling due within one year 14 (6,633,615 ) (7,322,042 )
NET CURRENT ASSETS 1,987,367 1,424,717
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,431,939

1,938,136

CREDITORS
Amounts falling due after more than one
year

15

(91,833

)

(131,658

)

PROVISIONS FOR LIABILITIES 18 (31,745 ) (42,253 )
NET ASSETS 2,308,361 1,764,225

CAPITAL AND RESERVES
Called up share capital 19 14,502 14,502
Share premium 20 199,998 199,998
Retained earnings 20 2,093,861 1,549,725
SHAREHOLDERS' FUNDS 2,308,361 1,764,225

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





D C Eyles - Director


BDW Holding Company Limited (Registered number: 03115466)

Company Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 317,589 340,562
Investments 11 189,600 189,600
507,189 530,162

CURRENT ASSETS
Debtors 13 247,682 559,100
Cash at bank 776,520 80,290
1,024,202 639,390
CREDITORS
Amounts falling due within one year 14 (906,759 ) (543,095 )
NET CURRENT ASSETS 117,443 96,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

624,632

626,457

CREDITORS
Amounts falling due after more than one
year

15

-

(1,825

)
NET ASSETS 624,632 624,632

CAPITAL AND RESERVES
Called up share capital 19 14,502 14,502
Share premium 199,998 199,998
Retained earnings 410,132 410,132
SHAREHOLDERS' FUNDS 624,632 624,632

Company's profit for the financial year 795,067 -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





D C Eyles - Director


BDW Holding Company Limited (Registered number: 03115466)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 14,502 1,411,328 199,998 1,625,828

Changes in equity
Total comprehensive income - 138,397 - 138,397
Balance at 31 December 2022 14,502 1,549,725 199,998 1,764,225

Changes in equity
Dividends - (795,067 ) - (795,067 )
Total comprehensive income - 1,339,203 - 1,339,203
Balance at 31 December 2023 14,502 2,093,861 199,998 2,308,361

BDW Holding Company Limited (Registered number: 03115466)

Company Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 14,502 410,132 199,998 624,632

Changes in equity
Balance at 31 December 2022 14,502 410,132 199,998 624,632

Changes in equity
Dividends - (795,067 ) - (795,067 )
Total comprehensive income - 795,067 - 795,067
Balance at 31 December 2023 14,502 410,132 199,998 624,632

BDW Holding Company Limited (Registered number: 03115466)

Consolidated Statement of Cash Flows
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,132,616 1,678,855
Interest paid (35 ) (11,469 )
Interest element of hire purchase payments
paid

(7,300

)

(4,218

)
Tax paid - (13,115 )
Taxation refund 30,001 50,718
Net cash from operating activities 3,155,282 1,700,771

Cash flows from investing activities
Purchase of tangible fixed assets (7,103 ) (253,463 )
Sale of tangible fixed assets 12,460 12,500
Interest received 71,650 802
Net cash from investing activities 77,007 (240,161 )

Cash flows from financing activities
New HP agreements in year - 197,300
Capital repayments in year (41,650 ) (23,992 )
Equity dividends paid (795,067 ) -
Net cash from financing activities (836,717 ) 173,308

Increase in cash and cash equivalents 2,395,572 1,633,918
Cash and cash equivalents at beginning of
year

2

2,560,547

926,629

Cash and cash equivalents at end of year 2 4,956,119 2,560,547

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Statement of Cash Flows
for the year ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,752,342 172,891
Depreciation charges 72,105 83,418
Profit on disposal of fixed assets (8,616 ) (8,214 )
Finance costs 7,335 15,687
Finance income (71,650 ) (802 )
1,751,516 262,980
Increase in stocks (20,729 ) (144,720 )
Decrease/(increase) in trade and other debtors 2,512,078 (2,845,869 )
(Decrease)/increase in trade and other creditors (1,110,249 ) 4,406,464
Cash generated from operations 3,132,616 1,678,855

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,956,119 2,560,547
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,560,547 926,629


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,560,547 2,395,572 4,956,119
2,560,547 2,395,572 4,956,119
Debt
Finance leases (173,308 ) 41,650 (131,658 )
(173,308 ) 41,650 (131,658 )
Total 2,387,239 2,437,222 4,824,461

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

BDW Holding Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of business. Turnover is shown, net of Value Added Tax, of goods and services provided to customers and in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- 2% on cost
Plant and machinery- 20% on cost
Motor vehicles- 25% on cost in first year, 15% in following years
Equipment - computer- 25% on cost
Equipment - other- 20% on cost

Motor vehicles have an estimated residual value of 15% on cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the depreciation policy for that class of asset. Future instalments under such leases, net of finance charges, are included within creditors.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension plan. Contributions payable to the group's pension plan are charged to the profit and loss account in the period to which they relate.

Long term contracts
Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained by calculating the appropriate stage of completion of each contract. Long term contracts are disclosed in the balance sheet as follows:
- The amount by which recorded turnover is in excess of payments on account are classified as amounts recoverable on contracts and disclosed within debtors.
- The balance of payments on account not recognised as turnover are classified as such and disclosed within creditors.

Contract costs incurred in advance of a contract becoming active are shown as overhead expenses when incurred. At the point where a contract becomes active these costs are transferred to cost of sales as a contract cost, and accounted for as above.

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


3. TURNOVER

The turnover and profit before tax are attributable to the principal activities of the group.


2023 2022
£ £
Design, procurement, supply & commissioning of glass melting furnaces and
related technologies

18,356,549


11,391,573
Design, procurement, supply & commissioning of glass melting furnace
forehearths

3,218,348


3,640,007
Manufacture of glass melting furnace and forehearths hardware 1,716,509 1,503,298
23,291,406 16,534,878


No geographical analysis has been provided as the directors consider it would be prejudicial to the group's interests.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,422,665 1,147,476
Social security costs 138,708 117,238
Other pension costs 123,469 108,594
1,684,842 1,373,308

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

Engineering staff 13 13
Production staff 5 5
Administrative staff 5 5
Directors 6 6
29 29

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£ £

Directors' remuneration 382,819 240,469
Directors' pension contributions to group personal pension plan 30,699 17,796


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

Group personal pension plan 3 3

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 193,006 120,586
Pension contributions to group personal pension plan 18,698 8,578


5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 18,217 21,661
Depreciation - owned assets 72,106 83,418
Profit on disposal of fixed assets (8,616 ) (8,214 )
Auditors' remuneration 30,534 30,000
Foreign exchange differences 117,453 (79,851 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 35 3,401
Other interest - 8,068
Hire purchase 7,300 4,218
7,335 15,687

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 423,647 (7,759 )

Deferred tax (10,508 ) 42,253
Tax on profit 413,139 34,494

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

2023 2022
£    £   
Profit before tax 1,752,342 172,891
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

438,086

32,849

Effects of:
Expenses not deductible for tax purposes 21 -
Depreciation in excess of capital allowances 1,695 3,794


Effect of superdeduction - (12,290 )
Increase in deferred tax provision for changes in corporation tax rate - 10,141
Tax on profit before corporation tax rate change (26,663 ) -
Total tax charge 413,139 34,494

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 795,067 -

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 January 2023 540,267 347,661 126,731 81,978 1,096,637
Additions - 1,287 5,816 - 7,103
Disposals - - (2,265 ) (25,630 ) (27,895 )
At 31 December 2023 540,267 348,948 130,282 56,348 1,075,845
Depreciation
At 1 January 2023 258,593 179,665 101,774 43,188 583,220
Charge for year 10,491 43,064 12,874 5,677 72,106
Eliminated on disposal - - (2,265 ) (21,786 ) (24,051 )
At 31 December 2023 269,084 222,729 112,383 27,079 631,275
Net book value
At 31 December 2023 271,183 126,219 17,899 29,269 444,570
At 31 December 2022 281,674 167,996 24,957 38,790 513,417

The net book value of plant and machinery held under hire purchase and finance leases at the year end was £125,674 (2022: £168,173).

Company
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
Cost
At 1 January 2023 540,267 120,569 56,348 717,184
Additions - 5,816 - 5,816
Disposals - (2,265 ) - (2,265 )
At 31 December 2023 540,267 124,120 56,348 720,735
Depreciation
At 1 January 2023 258,593 96,627 21,402 376,622
Charge for year 10,491 12,621 5,677 28,789
Eliminated on disposal - (2,265 ) - (2,265 )
At 31 December 2023 269,084 106,983 27,079 403,146
Net book value
At 31 December 2023 271,183 17,137 29,269 317,589
At 31 December 2022 281,674 23,942 34,946 340,562

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


10. TANGIBLE FIXED ASSETS - continued

Company

The net book value of plant and machinery held under hire purchase and finance leases at the year end was £3,650 (2022: £5,475).

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
Cost
At 1 January 2023
and 31 December 2023 2
Net book value
At 31 December 2023 2
At 31 December 2022 2
Company
Shares in
group
undertakings
£   
Cost
At 1 January 2023
and 31 December 2023 189,600
Net book value
At 31 December 2023 189,600
At 31 December 2022 189,600

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Tecoglas Limited
Registered office: 60 Savile Street East, Sheffield, S4 7UQ
Nature of business: Design and commissioning of glass furnaces
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (54,928 ) (725,475 )
Profit/(loss) for the year 670,547 (539,608 )

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


11. FIXED ASSET INVESTMENTS - continued

Teco Europe Limited
Registered office: 60 Savile Street East, Sheffield, S4 7UQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

KTG Engineering Limited
Registered office: 60 Savile Street East, Sheffield, S4 7UQ
Nature of business: Manufacture and sale of glass furnace hardware
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 813,311 974,140
Profit for the year 236,705 133,619

Zedtec Limited
Registered office: 60 Savile Street East, Sheffield, S4 7UQ
Nature of business: Design of glass conditioning forehearths
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,114,944 1,080,528
Profit for the year 431,950 544,386

Elemelt Limited
Registered office: 60 Savile Street East, Sheffield, S4 7UQ.
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2 2

Not included in the consolidated financial statements as dormant during this year and the preceding year.

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


11. FIXED ASSET INVESTMENTS - continued

TECO/Elemelt Limited
Registered office: 60 Savile Street East, Sheffield, S4 7UQ.
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2 2

Not included in the consolidated financial statements as dormant during this year and the preceding year.

Tecoglas EU Limited
Registered office: Registered in the Republic of Ireland (number 643181) - FDW House Blackthorn Business Park, Coes Road, Dundalk, Co. Louth.
Nature of business: Dissolved
%
Class of shares: holding
Ordinary

The company was dissolved on 2 September 2023. Until this date the aggregate capital and reserves of the company was €100 (2022 - €100).

Not included in the consolidated financial statements as dormant during this year and the preceding year.


12. STOCKS

Group
2023 2022
£    £   
Raw materials 351,704 312,067
Work-in-progress 20,802 39,710
372,506 351,777

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 825,320 4,609,641 - -
Amounts owed by group undertakings 93,553 - 185,322 146,841
Amounts recoverable on contract 1,814,549 625,918 - -
Other debtors 1,755 445 114 -
Tax - 30,001 - -
VAT 265,382 469,101 1,723 337,391
Prepayments and accrued income 291,798 99,329 60,523 74,868
3,292,357 5,834,435 247,682 559,100

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 16) 39,825 41,650 1,825 3,650
Payments on account 1,568,657 2,040,253 - -
Trade creditors 3,402,508 3,000,903 33,885 30,550
Amounts owed to group undertakings 270,029 611,204 839,718 476,176
Tax 423,647 - - -
Social security and other taxes 124,557 51,618 - -
Other creditors - 19,255 - 377
Accruals and deferred income 804,392 1,557,159 31,331 32,342
6,633,615 7,322,042 906,759 543,095

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 16) 91,833 131,658 - 1,825

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 39,825 41,650
Between one and five years 91,833 131,658
131,658 173,308

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,825 3,650
Between one and five years - 1,825
1,825 5,475

BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


17. SECURED DEBTS

The company has entered into a Composite Accounting Agreement dated 11/01/2012 (The "Agreement"). Each participating company has provided a guarantee to the Bank. Under the terms of the Agreement and the guarantees, the Bank is authorised to allow set-off for interest purposes and in certain circumstances to seize credit balances and apply them in reduction of liabilities including debit balances within the Composite Accounting System.

Cross guarantee and debenture between BDW Holding Company Limited, KTG Engineering Limited, Teco Europe Limited, Tecoglas Limited and Zedtec Limited dated 28/06/2005.

Unlimited guarantee given by BDW Holding Company Limited, KTG Engineering Limited, Teco Europe, Tecoglas Limited and Zedtec Limited dated 11/01/2012.

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 31,745 42,253

Group
Deferred
tax
£   
Balance at 1 January 2023 42,253
Credit to Statement of Comprehensive Income during year (10,508 )
Balance at 31 December 2023 31,745

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
14,502 Ordinary £1 14,502 14,502

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 1,549,725 199,998 1,749,723
Profit for the year 1,339,203 1,339,203
Dividends (795,067 ) (795,067 )
At 31 December 2023 2,093,861 199,998 2,293,859


BDW Holding Company Limited (Registered number: 03115466)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


21. PENSION COMMITMENTS

The company operates a defined contribution 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 contribution payable by the company to the fund and amounted to £123,469 (2022 - £108,594).

22. CONTINGENT LIABILITIES

Contingent liabilities exist for which no provision has been made in the accounts in respect of borrowings and contracts of this company, Tecoglas Limited, Teco Europe Limited, KTG Engineering Limited and Zedtec Limited.

There are no current claims outstanding in the opinion of the directors.

23. RELATED PARTY DISCLOSURES

During the year the following sales, recharges and purchases took place with the following companies of which fall under the Intertec Corporation.

2023 2022
£ £

Name of company Type of transaction

Toledo Engineering Co. Inc Dividends received 795,067
Sales 546,772 8,062
Purchases 22,429 90,699
Recharges 120,581 162,894
Interest 3,397

Balance due (to)/from the group at year
end

(270,029

)


(607,852

)

KTG Systems Inc Sales 3,422 321,723
Purchases 343,628 3,138
Recharges 18,087 25,696

Balance due (to)/from the group at year
end

93,553


64,751




24. ULTIMATE PARENT COMPANY

Intertec Corporation (incorporated in United States of America) is the company's ultimate parent company.