Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
COMPANY INFORMATION
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BROWNHILLS GLASS COMPANY LIMITED
CONTENTS
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BROWNHILLS GLASS COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors present below their strategic report for the year ended 30 November 2023.
The business continues to be engaged in the activities of flat glass merchanting and bespoke architectural glass processing.
FY23 was a more challenging year for the business following on from two strong prior years. The headline figures mask some important details which provide context why FY23 was a less successful year and also why from FY24 onwards Brownhills Glass (“BGC”) will make a significant step forward. In early FY23 a decision was taken to cease glass processing at another location within United Glass Group (“UGG”). The implications for BGC were significant; from May through to the year end operations at BGC underwent a transformation to accommodate certain equipment relocated from the closing site. This resulted in the temporary outsourcing of some products, at the expense of gross margin, to continue to satisfy customer requirements. Internal efficiencies dropped with the inevitable pressures of dovetailing trying to maintain normal levels of service with commissioning new machinery and training staff. Without doubt there are unquantified costs baked into FY23 for this process; both in product margin and labour costs. There were 3rd party machine move and installation costs of £104k during the year too. FY23 was largely a year of operational disruption but in FY24 the business is now reaping the benefits; the product offering from BGC is enhanced (and being well received by customers) and margins are the best seen for many years.
The longer-term strategy of the business remains largely unchanged; BGC continues to be focused on shortening processing lead-times whilst maintaining quality and service. In a fragmented market with multiple local competitors the directors believe getting these key metrics right will win repeat business, loyal custom and move the point of discussion away from price. Part of the operational changes referred to above include expanding BGC’s logistic capabilities. This allows BGC to explore new geographical markets with the South and Southwest of particular interest. Like our competitors BGC has felt cost pressure on wages, business rates and utility supplies. The directors feel FY23 is likely the high point of these pressures and the investment made in machinery (automation) and energy conservation initiatives mean some of the cost pressure has been alleviated through improving unit rates (in the case of electric) and/or reduced overall consumption. The directors of UGG continue to have a strategic ambition to develop BGC into one of the groups key glass processing centres. Geographically the site is well suited to head north, south, and east with excellent transport links.
The directors are integrally involved in the day-to-day running of the business.
For several years, the key risk has been maintaining reliable sources of glass supply. However, the directors consider this risk to have diminished with all major manufacturers supplying into the UK market without restriction. The directors feel the key risk has changed from supply to demand side with order books fluctuating on processing activities and price pressure apparent in merchanting operations. To mitigate this risk the business will redouble efforts to provide customers excellent service and quality and look to internal efficiencies and automation to offset significant changes in the cost of employment and general site operations.
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BROWNHILLS GLASS COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors consider turnover and EBITDA as key financial indicators and manage the business with these metrics at the forefront of decision making.
Turnover of £8.95m was consistent with FY22 (£8.93m) as was the mix of work between processing and merchanting. This is considered a success given the challenges of the market and the reorganisation. EBITDA was £486k and when adding back exceptional 3rd party costs £590k. This compares to £935k in FY22. With the work undertaken in FY23 the benefits are coming to fruition; despite an increasingly challenging market place the current EBTIDA run rate supports a return to FY22 levels of EBTIDA.
This report was approved by the board on 28 August 2024 and signed on its behalf.
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BROWNHILLS GLASS COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors present their report and the financial statements for the year ended 30 November 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £295,132 (2022 - profit £238,468).
The directors who served during the year were:
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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BROWNHILLS GLASS COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
This report was approved by the board on
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BROWNHILLS GLASS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWNHILLS GLASS COMPANY LIMITED
We have audited the financial statements of Brownhills Glass Company Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BROWNHILLS GLASS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWNHILLS GLASS COMPANY LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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BROWNHILLS GLASS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWNHILLS GLASS COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
Based on our understanding of the Company and industry, we identified the key laws and regulations affecting the Company are:
∙Companies Act 2006;
∙Tax Legislation; and
∙Health and Safety and Employment Legislation.
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙Management bias in respect of accounting estimates and judgements made;
∙Management override of control; and
∙Posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the Company's financial statements.
Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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BROWNHILLS GLASS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROWNHILLS GLASS COMPANY LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
158 Edmund Street
B3 2HB
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BROWNHILLS GLASS COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
REGISTERED NUMBER: 01498182
BALANCE SHEET
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 26 form part of these financial statements.
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BROWNHILLS GLASS COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Brownhills Glass Company Limited is a private limited company, limited by shares and incorporated in England. The address of the registered office is given in the company information of these financial statements. The company's registration number is 01498182. The nature of the company's operations and principal activities are described in the Strategic report on page 1.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of United Glass Group Ltd as at 30 November 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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 the Statement of comprehensive income.
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Tangible fixed assets The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness by the directors.
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The whole of the turnover is attributable to sales of goods
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
9.Taxation (continued)
The Company has estimated losses of £300,000 (2022 - £nil) available for carry forward against future trading profits.
In the budget on 31 March 2021, the UK Government announced a proposal to increase the rate of Corporation tax from 19% to 25%, which will increase the Company's tax rate from 1 April 2023. This rate was substantively enacted on 24 May 2021, and has led to the Company's deferred tax liabilities being recalculated at the higher rate of 25%.
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
20.Deferred taxation (continued)
Share premium account
Profit and loss account
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
A group VAT registration is in force. The company is therefore jointly and severally liable for the amount of VAT owed by United Glass Group Ltd. At the balance sheet date this amounted to £4,386 (2022 - £18,618).
Lloyds Bank plc hold a letter of set off between the company, parent company and fellow subsidiaries, Peterlee Glass Limited, Brownhills Investment Property Limited, Tufwell Glass Limited, Peterlee Two Limited and London Architectural Glass Ltd. The company is therefore jointly and severally liable for the amount owed by United Glass Group Ltd, Peterlee Glass Limited, Brownhills Investments Property Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Glass Ltd to Lloyds Bank plc. The total balances guaranteed at 30 November 2023 amounted to £2,275,166 (2022 - £3,482,833). Since March 2023, Lombard North Central PLC hold a guarantee and indemnity between the company and fellow subsidiaries, Peterlee Glass Limited, Brownhills Investment Property Limited, Tufwell Glass Limited and London Architectural Glass Ltd. The company is therefore jointly and severally liable for the amount owed by Peterlee Glass Limited, Brownhills Investments Property Limited, Tufwell Glass Limited and London Architectural Glass Ltd to Lombard North Central PLC. The total balances guaranteed at 30 November 2023 amounted to £183,563.
The company operates a defined contributions pension scheme. The assets of the pension 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 and amounted to £52,535 (2022 - £48,027). Contributions totalling £3,273 (2022 - £6,042) were payable to the fund at the balance sheet date and are included in creditors.
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BROWNHILLS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The company is a wholly owned subsidiary undertaking of United Glass Group Ltd, which is also the ultimate parent company. The registered address of the parent company is Beecham Close, Aldridge, Walsall, West Midlands, WS9 8UZ.
United Glass Group Ltd prepares group financial statements and copies can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. At the balance sheet date, the ultimate controlling party was M E Harrison by virtue of his shareholding in United Glass Group Ltd. Subsequently, at the time of approval of these financial statements, the ultimate controlling party is now Duke Royalty UK Limited by virtue of their shareholding in United Glass Group Ltd.
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