Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-3039false2022-12-01falsesupply of flat glass products and merchanting38true 08842800 2022-12-01 2023-11-30 08842800 2021-12-01 2022-11-30 08842800 2023-11-30 08842800 2022-11-30 08842800 2021-12-01 08842800 c:Director2 2022-12-01 2023-11-30 08842800 d:PlantMachinery 2022-12-01 2023-11-30 08842800 d:PlantMachinery 2023-11-30 08842800 d:PlantMachinery 2022-11-30 08842800 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08842800 d:MotorVehicles 2022-12-01 2023-11-30 08842800 d:MotorVehicles 2023-11-30 08842800 d:MotorVehicles 2022-11-30 08842800 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08842800 d:FurnitureFittings 2022-12-01 2023-11-30 08842800 d:FurnitureFittings 2023-11-30 08842800 d:FurnitureFittings 2022-11-30 08842800 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08842800 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 08842800 d:Goodwill 2023-11-30 08842800 d:Goodwill 2022-11-30 08842800 d:CurrentFinancialInstruments 2023-11-30 08842800 d:CurrentFinancialInstruments 2022-11-30 08842800 d:Non-currentFinancialInstruments 2023-11-30 08842800 d:Non-currentFinancialInstruments 2022-11-30 08842800 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 08842800 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 08842800 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 08842800 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 08842800 d:ShareCapital 2023-11-30 08842800 d:ShareCapital 2022-11-30 08842800 d:ShareCapital 2021-12-01 08842800 d:SharePremium 2022-12-01 2023-11-30 08842800 d:SharePremium 2023-11-30 08842800 d:SharePremium 2022-11-30 08842800 d:SharePremium 2021-12-01 08842800 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 08842800 d:RetainedEarningsAccumulatedLosses 2023-11-30 08842800 d:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 08842800 d:RetainedEarningsAccumulatedLosses 2022-11-30 08842800 d:RetainedEarningsAccumulatedLosses 2021-12-01 08842800 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 08842800 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 08842800 d:OtherDeferredTax 2023-11-30 08842800 d:OtherDeferredTax 2022-11-30 08842800 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-01 2023-11-30 08842800 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-11-30 08842800 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-11-30 08842800 c:OrdinaryShareClass1 2022-12-01 2023-11-30 08842800 c:OrdinaryShareClass1 2023-11-30 08842800 c:OrdinaryShareClass1 2022-11-30 08842800 c:FRS102 2022-12-01 2023-11-30 08842800 c:Audited 2022-12-01 2023-11-30 08842800 c:FullAccounts 2022-12-01 2023-11-30 08842800 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08842800 d:WithinOneYear 2023-11-30 08842800 d:WithinOneYear 2022-11-30 08842800 d:BetweenOneFiveYears 2023-11-30 08842800 d:BetweenOneFiveYears 2022-11-30 08842800 d:MoreThanFiveYears 2023-11-30 08842800 d:MoreThanFiveYears 2022-11-30 08842800 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 08842800 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 08842800 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 08842800 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 08842800 c:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08842800 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08842800









TUFWELL GLASS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
TUFWELL GLASS LIMITED
REGISTERED NUMBER: 08842800

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
1,081,936
1,191,025

  
1,081,936
1,191,025

Current assets
  

Stocks
 6 
141,043
160,869

Debtors: amounts falling due within one year
 7 
3,580,824
3,799,688

Cash at bank and in hand
 8 
52,237
122,849

  
3,774,104
4,083,406

Creditors: amounts falling due within one year
 9 
(1,375,492)
(1,853,488)

Net current assets
  
 
 
2,398,612
 
 
2,229,918

Total assets less current liabilities
  
3,480,548
3,420,943

Creditors: amounts falling due after more than one year
 10 
(173,014)
(155,951)

Provisions for liabilities
  

Deferred tax
 12 
(207,081)
(240,000)

Other provisions
 13 
(95,033)
(88,897)

  
 
 
(302,114)
 
 
(328,897)

Net assets
  
3,005,420
2,936,095


Capital and reserves
  

Called up share capital 
 14 
215,384
215,384

Share premium account
 15 
1,313,042
1,313,042

Profit and loss account
 15 
1,476,994
1,407,669

  
3,005,420
2,936,095

Page 1

 
TUFWELL GLASS LIMITED
REGISTERED NUMBER: 08842800
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M E Harrison
Director

Date: 28 August 2024

The notes on pages 4 to 14 form part of these financial statements.
Page 2

 
TUFWELL GLASS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


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

£
£
£
£


At 1 December 2021
215,384
1,313,042
1,157,786
2,686,212



Profit for the year
-
-
249,883
249,883



At 1 December 2022
215,384
1,313,042
1,407,669
2,936,095



Profit for the year
-
-
69,325
69,325


At 30 November 2023
215,384
1,313,042
1,476,994
3,005,420


The notes on pages 4 to 14 form part of these financial statements.
Page 3

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Tufwell Glass Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is Church Court, Church Road, Lowfield Heath, Crawley, West Sussex, RH11 0PQ. The Company's registration number is 08842800. The nature of the Company's operations and principal activities are supply of flat glass products and glass merchanting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in Sterling and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer, usually on despatch of goods;
the Company 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 Company 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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income 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.

Page 4

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.

Page 5

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

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 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 Statement of comprehensive income over its useful economic life. The directors have assessed the economic life of goodwill to be five years.

 
2.8

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:

Plant and machinery
-
10 - 20%
Motor vehicles
-
10 - 33%
Fixtures and fittings
-
25%

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.

 
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 balance sheet 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 the Statement of comprehensive income.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 6

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 

  
2.13

Provisions for liabilities

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.

 
2.14

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently at the undiscounted amount of cash or other consideration expected to be paid or received.
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.

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2022 - 38).

Page 7

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
1,979,374



At 30 November 2023

1,979,374



Amortisation


At 1 December 2022
1,979,374



At 30 November 2023

1,979,374



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 8

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 December 2022
2,425,617
246,173
97,435
2,769,225


Additions
10,243
95,006
-
105,249


Transfers intra group
181,965
(15,280)
-
166,685


Disposals
(104,552)
(42,298)
-
(146,850)



At 30 November 2023

2,513,273
283,601
97,435
2,894,309



Depreciation


At 1 December 2022
1,284,748
243,015
50,437
1,578,200


Charge for the year
229,247
5,720
13,653
248,620


Transfers intra group
119,309
(17,884)
-
101,425


Disposals
(73,573)
(42,299)
-
(115,872)



At 30 November 2023

1,559,731
188,552
64,090
1,812,373



Net book value



At 30 November 2023
953,542
95,049
33,345
1,081,936



At 30 November 2022
1,140,869
3,158
46,998
1,191,025

The net book value of assets held under finance leases or hire purchase contracts, included above, is £334,630 (2022 - £284,721).


6.


Stocks

2023
2022
£
£

Raw materials
141,043
160,869


Page 9

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,423,958
1,913,977

Amounts owed by group undertakings
1,853,125
1,740,458

Prepayments and accrued income
303,741
145,253

3,580,824
3,799,688


The company discounts its trade debtors. The debtors discounted at the year end were £1,443,459 (2022 - £1,911,112).


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
52,237
122,849



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
5,576
-

Trade creditors
525,367
415,197

Other taxation and social security
154,042
191,852

Obligations under finance lease and hire purchase contracts
65,222
63,145

Other creditors
218,847
694,076

Accruals and deferred income
406,438
489,218

1,375,492
1,853,488


Amounts due under finance leases and hire purchase contracts are secured over the relevant assets.
The invoice discounting creditor of £218,847 (
2022 - £694,076) included in other creditors is secured by a fixed and floating charge over the assets of the company.

Page 10

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
173,014
155,951


Amounts due under finance leases and hire purchase contracts are secured over the relevant assets.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
65,222
63,145

Between 1-5 years
173,014
155,951

238,236
219,096


12.


Deferred taxation




2023


£






At beginning of year
(240,000)


Credited to the Statement of comprehensive income
32,919



At end of year
(207,081)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(223,924)
(256,000)

Other short term timing differences
16,843
16,000

(207,081)
(240,000)

Page 11

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Provisions




Dilapidations

£





At 1 December 2022
88,897


Charge to Statement of Comprehensive Income
6,136



At 30 November 2023
95,033

The Company is required to perform dilapidation repairs and in certain instances restore properties to agreed specifications prior to the properties being vacated at the end of their lease term. These amounts are based on estimates of repair and restoration costs at a future date and therefore a degree of uncertainty exists over the future outflows, given that these are subject to repair and restoration cost price
fluctuations and the extent of repairs to be completed.


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,153,840 (2022 - 2,153,840) Ordinary shares of £0.10 each
215,384
215,384



15.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued.

Profit and loss account

This reserve records all current and prior period retained profits and losses.

Page 12

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


Contingent liabilities

Lloyds Bank plc hold a letter of set off between the Company, parent company and subsidiary companies, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Brownhills Investment Property Limited, Peterleetwo Limited and London Architectural Glass Ltd. The Company is therefore jointly and severally liable for the amount owed by United Glass Group Ltd, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Brownhills Investment Property Limited Peterleetwo Limited and London Architectural Glass Ltd to Lloyds Bank plc. The total balances guaranteed at 30 November 2023 amounted to £3,069,607 (2022 - £3,822,001).
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, Brownhills Glass Company 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, Brownhills Glass Company Limited and London Architectural Glass Ltd to Lombard North Central PLC. The total balances guaranteed at 30 November 2023 amounted to £77,771.
The Company is party, together with other group and related undertakings, to multilateral guarantees given to Duke Royalty UK Limited. The total balances guaranteed at 30 November 2023 amounted to £11,647,170 (
2022 - £11,778,257).


17.


Capital commitments


At 30 November 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
94,566


18.


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 contributions payable by the Company to the fund and amounted to £70,542 (2022 - £67,087). Contributions totalling £9,362 (2022 - £18,575) were payable to the fund at the balance sheet date and included in creditors.

Page 13

 
TUFWELL GLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
515,745
461,609

Later than 1 year and not later than 5 years
1,925,987
1,729,066

Later than 5 years
857,037
1,271,366

3,298,769
3,462,041


20.


Related party transactions

The Company has taken advantage of the exemption in section 33.1A of Financial Reporting Standard 102 not to disclose transactions entered into between two members of a group provided that any subsidiary which is a party to the transaction is wholly owned. 


21.


Controlling party

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, Wales, 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.


22.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 29 August 2024 by Stephen Newman (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.

 
Page 14