Company registration number 12775071 (England and Wales)
IQ GLASS GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
IQ GLASS GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
G Davis
R Beaumont
M Piekarewicz
Company number
12775071
Registered office
Sky House
Raans Road
Amersham
Buckinghamshire
HP6 6JQ
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
IQ GLASS GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
IQ GLASS GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The group’s HQ and International showroom is located in Amersham, Buckinghamshire.

 

Satellite offices in Taunton for the South-West & Channel Islands region, and Grendon for the Midlands, Northern England, and Scotland, serve the growing customer base in those regions.

 

The group offers premium glazing products under a number of its own brands including: Minimal Sliding Windows, Sieger Systems, Mondrian steel & fire-rated systems, MIRO internal systems, MARS & ARES automated rooflights, Invisio structural glazing, and AVINO for a full range of timber products.

 

IQ has become synonymous amongst architects and specifiers for innovative and technical high specification residential and commercial glazing.

 

The IQ team work passionately to deliver stunning glazing designs to clients in the UK and internationally. We continue to provide early engagement with clients and architects to develop their schemes through the initial design and budget to completion of the project.

 

The directors are pleased to report that the period under review saw the group's turnover at £21.04m. Gross margins have improved in the year, increasing from 39.4% to 48.69% in the year. The group’s level of turnover and gross profit are key performance indicators that are monitored monthly by the management team.

 

We also had strong revenue income from other business activities such as our affiliated partner scheme, property rentals and commission fees contributing to our overall profitability.

 

The group remains firmly established as one of the UK’s leaders in architectural glazing and high specification aluminium, timber, and steel systems in the residential and commercial markets.

 

The directors remain confident that the group will perform strongly in the coming years. The group has an experienced and dedicated team of employees who are committed to providing a high quality product for all of its clients.

Principal risks and uncertainties

The directors are aware of the risks and uncertainties within the construction industry as a whole and thus they have taken measures to mitigate these risks, principally surrounding non payment of debts. Additionally, the directors keep themselves well informed of the local and wider economies and how any downturn may affect their future business.

 

Liquidity risk

The group aims to mitigate liquidity risk by closely managing cash generation by its operating business and monitoring performance. Capital investment is closely controlled with authorisation up to Director level.

 

Interest rate risk

The group's exposure to changes in market interest rates is not considered to be a significant financial risk as the group does not operate a bank overdraft and has no borrowings.

 

Foreign currency risk

The group trades primarily in the UK and as such the level of foreign currency risk is quite low.

 

Credit risk

It is the group's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The group only offers terms to recognised creditworthy third parties. In addition, receivables balances are monitored on an ongoing basis, along with debtor days, and action is taken promptly when payment terms are breached.

IQ GLASS GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

G Davis
Director
11 September 2024
IQ GLASS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The company was incorporated on 28 July 2020. On 8 December 2020 the company acquired the entire issued share capital of IQ Glass Group Limited. The principal activity of the company is that of a holding company and the principal activity of the group is that of the provision of architectural glazing and high specification aluminium systems.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,930,913. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G Davis
R Beaumont
M Piekarewicz
Future developments

The directors remain confident that the group will perform strongly in the coming year and that the group is well placed to exploit market opportunities and grow both turnover and profitability.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

IQ GLASS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
G Davis
Director
11 September 2024
IQ GLASS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IQ GLASS GROUP HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of IQ Glass Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

IQ GLASS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IQ GLASS GROUP HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, included within the directors' report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraud in revenue recognition.

IQ GLASS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IQ GLASS GROUP HOLDINGS LIMITED
- 7 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Moss BSc F.C.A.
Senior Statutory Auditor
For and on behalf of
13 September 2024
JS. Audit Limited
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
IQ GLASS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
21,044,275
22,561,403
Cost of sales
(10,797,957)
(13,675,327)
Gross profit
10,246,318
8,886,076
Administrative expenses
(6,522,798)
(7,309,253)
Other operating income
981,697
1,258,608
Operating profit
4
4,705,217
2,835,431
Interest receivable and similar income
8
102,422
13,878
Interest payable and similar expenses
9
(24,630)
-
0
Fair value (loss)/gain on investments
10
6,213
(35,406)
Profit before taxation
4,789,222
2,813,903
Tax on profit
11
(1,455,802)
(741,162)
Profit for the financial year
3,333,420
2,072,741
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
IQ GLASS GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
4,901,031
5,865,168
Other intangible assets
13
19,776
17,834
Total intangible assets
4,920,807
5,883,002
Tangible assets
14
682,125
725,179
Investments
15
-
0
1,003,508
5,602,932
7,611,689
Current assets
Stocks
17
418,069
440,866
Debtors
18
2,179,764
2,284,464
Cash at bank and in hand
4,750,129
6,579,427
7,347,962
9,304,757
Creditors: amounts falling due within one year
19
(8,681,808)
(8,378,658)
Net current (liabilities)/assets
(1,333,846)
926,099
Total assets less current liabilities
4,269,086
8,537,788
Creditors: amounts falling due after more than one year
20
(2,555,556)
-
Provisions for liabilities
Deferred tax liability
22
31,915
94,380
(31,915)
(94,380)
Net assets
1,681,615
8,443,408
Capital and reserves
Called up share capital
24
98,401
98,401
Merger relief reserve
3,665,722
3,665,722
Profit and loss reserves
(2,082,508)
4,679,285
Total equity
1,681,615
8,443,408
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
11 September 2024
G Davis
Director
IQ GLASS GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
98,398
98,398
Current assets
Debtors
18
8,221,580
3
Cash at bank and in hand
5,248
-
0
8,226,828
3
Creditors: amounts falling due within one year
19
(5,669,074)
-
Net current assets
2,557,754
3
Total assets less current liabilities
2,656,152
98,401
Creditors: amounts falling due after more than one year
20
(2,555,556)
-
Net assets
100,596
98,401
Capital and reserves
Called up share capital
24
98,401
98,401
Profit and loss reserves
2,195
-
Total equity
100,596
98,401

As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £10,097,408 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
11 September 2024
G Davis
Director
Company Registration No. 12775071
IQ GLASS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
98,401
3,665,722
2,606,544
6,370,667
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
2,072,741
2,072,741
Balance at 31 March 2023
98,401
3,665,722
4,679,285
8,443,408
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
3,333,420
3,333,420
Dividends
12
-
-
(1,930,913)
(1,930,913)
Distributions to an Employee Ownership Trust
-
-
(8,164,300)
(8,164,300)
Balance at 31 March 2024
98,401
3,665,722
(2,082,508)
1,681,615
IQ GLASS GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 July 2020
98,401
-
0
98,401
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2023
98,401
-
0
98,401
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
10,097,408
10,097,408
Dividends
12
-
(1,930,913)
(1,930,913)
Distribtions to an Employee Ownership Trust
-
(8,164,300)
(8,164,300)
Balance at 31 March 2024
98,401
2,195
100,596
IQ GLASS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
4,500,798
1,653,024
Interest paid
(24,630)
-
0
Income taxes paid
(949,370)
(543,269)
Net cash inflow from operating activities
3,526,798
1,109,755
Investing activities
Purchase of intangible assets
(8,000)
(22,292)
Purchase of tangible fixed assets
(254,465)
(389,403)
Proceeds on disposal of tangible fixed assets
550
100,800
Proceeds on disposal of investments
1,009,721
-
Interest received
102,422
13,878
Net cash generated from/(used in) investing activities
850,228
(297,017)
Financing activities
Proceeds of new bank loans
4,000,000
-
Repayment of bank loans
(111,111)
-
Dividends paid to equity shareholders
(1,930,913)
-
Distributions made to an Employee Ownership Trust
(8,164,300)
-
Net cash used in financing activities
(6,206,324)
-
Net (decrease)/increase in cash and cash equivalents
(1,829,298)
812,738
Cash and cash equivalents at beginning of year
6,579,427
5,766,689
Cash and cash equivalents at end of year
4,750,129
6,579,427
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

IQ Glass Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Sky House, Raans Road, Amersham, Buckinghamshire, HP6 6JQ.

 

The group consists of IQ Glass Group Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company IQ Glass Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

The group's subsidiary companies have been included in the group financial statements using the merger method of accounting following the group reconstruction in December 2020.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
10% per annum straight line basis
Website
20% per annum straight line basis
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% per annum straight line basis
Plant and equipment
25% per annum reducing balance basis
Fixtures and fittings
25% per annum reducing balance basis
Motor vehicles
25% per annum reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.19

Prior year restatement

The comparative figures have been restated to more accurately disclose elements of the group's income as other income, whereas it was previously included in turnover. The amount reclassified is £976,751. There has been no impact on the prior year results or the brought forward reserves.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The critical estimates made by the directors in preparing these financial statements relates to their assessment of the level of accrued and deferred income in relation to the stage of completion of contract work as detailed in Note 1.5, along with assessing the required level of stock provisions to ensure that stock is recorded at the lower of cost and net realisable value.

3
Turnover and other revenue
2024
2023
as restated
£
£
Turnover analysed by class of business
Provision of architectural and structural glazing
21,044,275
22,561,403
2024
2023
as restated
£
£
Turnover analysed by geographical market
United Kingdom
21,044,275
21,748,891
Europe
-
619,436
Rest of the World
-
193,076
21,044,275
22,561,403
2024
2023
as restated
£
£
Other revenue
Interest income
102,422
13,878
Commissions received
233,237
193,460
Rental income
170,482
281,857
Management charges receivable
577,978
783,291
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(121,500)
(156,284)
Depreciation of owned tangible fixed assets
285,573
323,529
Loss on disposal of tangible fixed assets
11,396
91,478
Amortisation of intangible assets
970,195
968,595
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
3,500
3,250
Audit of the financial statements of the company's subsidiaries
16,550
15,575
20,050
18,825
For other services
All other non-audit services
7,750
7,250
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and support
80
92
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,240,719
3,767,762
-
0
-
0
Social security costs
352,945
406,210
-
-
Pension costs
89,957
99,548
-
0
-
0
3,683,621
4,273,520
-
0
-
0
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
442,603
364,880
Company pension contributions to defined contribution schemes
39,321
25,321
481,924
390,201
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
158,422
154,104
Company pension contributions to defined contribution schemes
1,321
-

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3)

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
100,597
13,878
Other interest income
1,825
-
Total income
102,422
13,878
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
24,630
-
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
6,213
(35,406)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,518,267
728,059
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(62,465)
13,103
Total tax charge
1,455,802
741,162

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,789,222
2,813,903
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,197,306
534,642
Tax effect of expenses that are not deductible in determining taxable profit
256,545
210,059
Permanent capital allowances in excess of depreciation
1,951
(6,458)
Deferred tax - changes in tax rates
-
0
2,919
Taxation charge
1,455,802
741,162

A UK corporation tax rate of 25% was announced in the Chancellor's Budget of 3 March 2021 and will apply from 1 April 2023. Deferred tax has been calculated at this rate.

12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,930,913
-
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
13
Intangible fixed assets
Group
Goodwill
Patents & licences
Website
Total
£
£
£
£
Cost
At 1 April 2023
9,641,371
25,000
22,292
9,688,663
Additions
-
0
-
0
8,000
8,000
Disposals
-
0
(25,000)
-
0
(25,000)
At 31 March 2024
9,641,371
(22,500)
30,292
9,671,663
Amortisation and impairment
At 1 April 2023
3,776,203
25,000
4,458
3,805,661
Amortisation charged for the year
964,137
-
0
6,058
970,195
Disposals
-
0
(25,000)
-
0
(25,000)
At 31 March 2024
4,740,340
(22,500)
10,516
4,750,856
Carrying amount
At 31 March 2024
4,901,031
-
0
19,776
4,920,807
At 31 March 2023
5,865,168
-
0
17,834
5,883,002
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.

The amortisation charge for the year has been included within administrative expenses.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
14
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
591,465
541,980
4,310
441,383
1,579,138
Additions
239,339
2,126
-
0
13,000
254,465
Disposals
-
0
(62,916)
-
0
(9,082)
(71,998)
At 31 March 2024
830,804
481,190
4,310
445,301
1,761,605
Depreciation and impairment
At 1 April 2023
339,579
346,655
4,310
163,415
853,959
Depreciation charged in the year
166,161
47,383
-
0
72,029
285,573
Eliminated in respect of disposals
-
0
(53,822)
-
0
(6,230)
(60,052)
At 31 March 2024
505,740
340,216
4,310
229,214
1,079,480
Carrying amount
At 31 March 2024
325,064
140,974
-
0
216,087
682,125
At 31 March 2023
251,886
195,325
-
0
277,968
725,179
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
98,398
98,398
Listed investments
-
0
1,003,508
-
0
-
0
-
0
1,003,508
98,398
98,398

The group's fixed asset investments were valued by reference to published readily ascertainable market values.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023
1,003,508
Valuation changes
6,213
Disposals
(1,009,721)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
1,003,508
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
98,398
Carrying amount
At 31 March 2024
98,398
At 31 March 2023
98,398
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
IQ Glass Group Limited
England and Wales
Ordinary
100.00
-
IQ Glass Solutions Limited
England and Wales
Ordinary
-
100.00
Sieger Systems Limited
England and Wales
Ordinary
-
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
418,069
440,866
-
0
-
0
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,548,017
1,405,455
-
0
-
0
Amounts owed by group undertakings
-
-
8,221,577
-
Other debtors
335,435
491,007
3
3
Prepayments and accrued income
296,312
388,002
-
0
-
0
2,179,764
2,284,464
8,221,580
3
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
1,333,333
-
0
1,333,333
-
0
Trade creditors
1,330,326
1,988,020
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,335,741
-
0
Corporation tax payable
1,074,290
505,393
-
0
-
0
Other taxation and social security
153,271
114,570
-
-
Other creditors
52,216
51,464
-
0
-
0
Accruals and deferred income
4,738,372
5,719,211
-
0
-
0
8,681,808
8,378,658
5,669,074
-
0
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
2,555,556
-
0
2,555,556
-
0
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,888,889
-
0
3,888,889
-
0
Payable within one year
1,333,333
-
0
1,333,333
-
0
Payable after one year
2,555,556
-
0
2,555,556
-
0
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Loans and overdrafts
(Continued)
- 28 -

The bank loan is secured by a general debenture over the company's assets.

 

The bank loan is due to mature on 19 February 2027 and is repayable in monthly instalments. The interest rate charged on the loan is set at 2.5% above the Bank of England base rate.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
31,915
94,380
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
94,380
-
Credit to profit or loss
(62,465)
-
Liability at 31 March 2024
31,915
-

The deferred tax liability set out above is expected to reverse within 3 to 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,957
99,548

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totalling £1,336 (2023: £12,116) were payable to the scheme at the end of the year and are included in creditors.

IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
-
69,955
-
69,955
Ordinary B shares of £1 each
-
14,955
-
14,955
Ordinary C shares of £1 each
-
13,491
-
13,491
Ordinary shares of £1 each
98,401
-
98,401
-
98,401
98,401
98,401
98,401

During the year the company redesignated its 98,401 A, B and C Ordinary £1 shares into Ordinary £1 shares.

25
Related party transactions
Other information

The parent company is part of a wholly owned group that prepares publicly available consolidated financial statements, namely the group headed by IQ Glass Group Holdings Limited, and has therefore taken advantage of the exemption available under Financial Reporting Standard 102 not to disclose related party transactions entered into between two or more members of the group.

 

During the group charged management fees, included within other operating income, of £489,243 (2023: £536,791) to a company with common directors deemed to be under common control.

26
Controlling party

The ultimate controlling party is deemed to be The IQ Glass Employee Ownership Trust.

27
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
G Davis - Loan
-
155,539
(155,539)
-
155,539
(155,539)
-
IQ GLASS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,333,420
2,072,741
Adjustments for:
Taxation charged
1,455,802
741,162
Finance costs
24,630
-
0
Investment income
(102,422)
(13,878)
Loss on disposal of tangible fixed assets
11,396
91,478
Amortisation and impairment of intangible assets
970,195
968,595
Depreciation and impairment of tangible fixed assets
285,573
323,529
Other gains and losses
(6,213)
35,406
Movements in working capital:
Decrease in stocks
22,797
68,069
Decrease in debtors
104,700
2,212,339
Decrease in creditors
(1,599,080)
(4,846,417)
Cash generated from operations
4,500,798
1,653,024
29
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
6,579,427
(1,829,298)
4,750,129
Borrowings excluding overdrafts
-
(3,888,889)
(3,888,889)
6,579,427
(5,718,187)
861,240
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200G DavisR BeaumontM 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