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Company Registration No. 07766455 (England and Wales)
Sheerwater Glass Ltd Unaudited accounts for the year ended 31 December 2023
Sheerwater Glass Ltd Unaudited accounts Contents
Page
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Sheerwater Glass Ltd Company Information for the year ended 31 December 2023
Directors
Mr G J A McCluggage Mrs E McCluggage Mr M P McCluggage
Company Number
07766455 (England and Wales)
Registered Office
Albany House Claremont Lane Esher Surrey KT10 9FQ
Accountants
Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ
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Sheerwater Glass Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
178,544 
227,953 
Current assets
Inventories
70,995 
79,653 
Debtors
174,784 
173,834 
Cash at bank and in hand
601,047 
606,925 
846,826 
860,412 
Creditors: amounts falling due within one year
(519,526)
(496,950)
Net current assets
327,300 
363,462 
Total assets less current liabilities
505,844 
591,415 
Provisions for liabilities
Deferred tax
(18,263)
(27,179)
Other provisions
(66,041)
(74,219)
(84,304)
(101,398)
Net assets
421,540 
490,017 
Capital and reserves
Called up share capital
100 
100 
Share premium
149,998 
149,998 
Profit and loss account
271,442 
339,919 
Shareholders' funds
421,540 
490,017 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by
Mr G J A McCluggage Director Company Registration No. 07766455
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Sheerwater Glass Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Sheerwater Glass Ltd is a private company, limited by shares, registered in England and Wales, registration number 07766455. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
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; - 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.
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Sheerwater Glass Ltd Notes to the Accounts for the year ended 31 December 2023
Intangible fixed 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 income and retained earnings over its useful economic life of 10 years. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets and depreciation
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 ringing 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:
Land & buildings
10%
Plant & machinery
10-15%
Motor vehicles
25%
Fixtures & fittings
15-25%
Computer equipment
33%
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 income and retained earnings.
Stock
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 profit or loss.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Sheerwater Glass Ltd Notes to the Accounts for the year ended 31 December 2023
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.
Financial instruments
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 non-puttable ordinary shares.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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.
Pension
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 income and retained earnings 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.
Interest income
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
Borrowing costs
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
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 income and retained earnings 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.
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Sheerwater Glass Ltd Notes to the Accounts for the year ended 31 December 2023
Taxation
Tax is recognised in the statement of income and retained earnings, except that a chargeattributable 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.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2023
289,998 
At 31 December 2023
289,998 
Amortisation
At 1 January 2023
289,998 
At 31 December 2023
289,998 
Net book value
At 31 December 2023
- 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
137,450 
23,943 
177,077 
26,943 
11,368 
376,781 
Additions
- 
- 
7,100 
121 
6,107 
13,328 
Disposals
- 
- 
(53,071)
(3,647)
- 
(56,718)
At 31 December 2023
137,450 
23,943 
131,106 
23,417 
17,475 
333,391 
Depreciation
At 1 January 2023
18,212 
14,090 
97,959 
14,871 
3,696 
148,828 
Charge for the year
13,745 
1,803 
31,297 
3,894 
4,730 
55,469 
On disposals
- 
- 
(45,803)
(3,647)
- 
(49,450)
At 31 December 2023
31,957 
15,893 
83,453 
15,118 
8,426 
154,847 
Net book value
At 31 December 2023
105,493 
8,050 
47,653 
8,299 
9,049 
178,544 
At 31 December 2022
119,238 
9,853 
79,118 
12,072 
7,672 
227,953 
6
Inventories
2023 
2022 
£ 
£ 
Raw materials
22,324 
30,869 
Finished goods
48,671 
48,784 
70,995 
79,653 
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Sheerwater Glass Ltd Notes to the Accounts for the year ended 31 December 2023
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
63,379 
65,572 
Amounts due from group undertakings etc.
100,000 
100,000 
Accrued income and prepayments
11,405 
8,262 
174,784 
173,834 
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
163,306 
121,581 
Taxes and social security
203,203 
229,895 
Other creditors
148,596 
141,363 
Loans from directors
1,061 
1,061 
Accruals
3,360 
3,050 
519,526 
496,950 
The company has guaranteed the parent company's bank loans in favour of Lloyds bank plc.
9
Provisions for liabilities
£ 
At 1 January 2023
74,219 
Decrease in existing provisions
(8,178)
At 31 December 2023
66,041 
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
11
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
58,932 
43,601 
Later than one year and not later than five years
37,490 
77,215 
96,422 
120,816 
12
Transactions with related parties
The Company has taken the advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.
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Sheerwater Glass Ltd Notes to the Accounts for the year ended 31 December 2023
13
Controlling party
The company is controlled by its parent, McWin Limited, a company incorporated in England and Wales. The registered office of the company is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
14
Average number of employees
During the year the average number of employees was 19 (2022: 20).
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