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REGISTERED NUMBER: 10111570 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st December 2023

for

Kwiktuf Holdings Limited

Kwiktuf Holdings Limited (Registered number: 10111570)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Kwiktuf Holdings Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: J P Bradley
P Myers
D Pinkney
Mrs M Saville



SECRETARY: J P Bradley



REGISTERED OFFICE: 264 Wincolmlee
Hull
East Yorkshire
HU2 0PZ



REGISTERED NUMBER: 10111570 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Virgin Money
214 Holderness Road
Hull
HU9 2AA

Kwiktuf Holdings Limited (Registered number: 10111570)

Group Strategic Report
for the year ended 31st December 2023

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

REVIEW OF BUSINESS
The key financial performance indicators of turnover, gross profit and net profit before taxation communicate the financial performance of the group as a whole.

The key financial performance indicators for the current and prior year, for the group, are as follows:

2023 2022 2021
£ £ £
Turnover 11,819,379 12,623,788 10,884,413
Turnover growth (6.4%) 16% 25%
Gross Profit Margin 31.1% 28.2% 28.4%
Net Profit, before Taxation 833,129 1,149,416 876,104
Net Profit Margin 7.05% 9.10% 8.05%

Despite a downturn in demand throughout the whole industry during the second half of the year, the directors are pleased with the overall performance of the business for 2023. It is important to highlight that the increase in gross margin achieved was wholly attributable to covering the significant energy cost increases which lie within the overhead structure, not cost of sales. Overall, a satisfactory year.

PRINCIPAL RISKS AND UNCERTAINTIES
The groups principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the groups operations.

Price and availability risk
Raw material availability improved throughout 2022 as the scheduled refurbishments to UK float tanks were completed Despite this, raw material costs continued to rise throughout the year with resulting price increases being passed through the supply chain.

Ongoing activity levels;
The supply of raw materials is no longer an issue in our sector and raw material pricing have stabilised. Reduced demand, as a consequence of the general economic outlook, will be the biggest uncertainty in 2024.

Manufacturing costs and Margin;
Due to reduced demand, maintaining margin will be challenging as we head into 2024. Pricing will undoubtedly be challenged. We will ensure best practices are adhered to when purchasing raw materials and we will continue to provide the level of quality and service to retain our position in the market.

Foreign exchange risk
Whilst not directly affected by foreign exchange, the buoyancy of the European market has resulted in a reduced desire for the European arms of the UK facilities to support UK production.

Credit risk
Credit checks are carried out on all customers and a comprehensive insurance policy is also in place.

Liquidity risk
The groups liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The group had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


Kwiktuf Holdings Limited (Registered number: 10111570)

Group Strategic Report
for the year ended 31st December 2023

FUTURE DEVELOPMENTS
We will continue our program of continuous investment in capital, be that projects or replacement to keep us well positioned to provide a quality product and excellent customer service.

There are no significant product development plans for 2024 however it is the intention of the directors and current shareholders to transfer the ultimate ownership of Kwiktuf into an Employee Ownership Trust. This will consolidate our position in the market as an independent manufacturer and realise the benefits to the customer brought about as a result of employee ownership.

ON BEHALF OF THE BOARD:





J P Bradley - Director


11th September 2024

Kwiktuf Holdings Limited (Registered number: 10111570)

Report of the Directors
for the year ended 31st December 2023

The directors present their report with the financial statements of the company and group for the year ended 31st December 2017.

During the previous period the company financial statements was for a short period as the parent company was incorporated on the 6th April 2016.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of glass processing specialists.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 251,259 .

FUTURE DEVELOPMENTS
See strategic report.

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

J P Bradley
P Myers
D Pinkney
Mrs M Saville

Other changes in directors holding office are as follows:

A G Thomas and N C Thomas ceased to be directors after 31st December 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise of bank balances. trade debtors, trade creditors and invoice discounting. The main purpose of these instruments is to raise funds and finance the group's operations.

Revenue maintenance
The group actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the group's strategic report.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Kwiktuf Holdings Limited (Registered number: 10111570)

Report of the Directors
for the year ended 31st December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J P Bradley - Director


11th September 2024

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited

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

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited


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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of a holding company.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

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

Report of the Independent Auditors to the Members of
Kwiktuf Holdings Limited


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




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

11th September 2024

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated
Income Statement
for the year ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 11,819,379 12,623,788

Cost of sales 8,145,231 9,059,977
GROSS PROFIT 3,674,148 3,563,811

Administrative expenses 2,800,752 2,381,245
873,396 1,182,566

Other operating income 7,250 31,449
OPERATING PROFIT 4 880,646 1,214,015

Interest receivable and similar income 75 -
880,721 1,214,015

Interest payable and similar expenses 5 47,592 64,599
PROFIT BEFORE TAXATION 833,129 1,149,416

Tax on profit 6 262,750 403,877
PROFIT FOR THE FINANCIAL YEAR 570,379 745,539
Profit attributable to:
Owners of the parent 570,379 745,539

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated
Other Comprehensive Income
for the year ended 31st December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 570,379 745,539


OTHER COMPREHENSIVE INCOME
Property revaluation - 285,183
Income tax relating to other comprehensive
income

-

(54,185

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

230,998
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

570,379

976,537

Total comprehensive income attributable to:
Owners of the parent 570,379 976,537

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 817,615 1,144,660
Tangible assets 10 2,116,204 2,213,858
Investments 11 - -
2,933,819 3,358,518

CURRENT ASSETS
Stocks 12 390,621 480,906
Debtors 13 1,678,936 1,717,077
Cash at bank and in hand 25,853 37,957
2,095,410 2,235,940
CREDITORS
Amounts falling due within one year 14 2,104,293 1,898,080
NET CURRENT (LIABILITIES)/ASSETS (8,883 ) 337,860
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,924,936

3,696,378

CREDITORS
Amounts falling due after more than one
year

15

(569,831

)

(1,603,057

)

PROVISIONS FOR LIABILITIES 19 (247,796 ) (275,132 )

ACCRUALS AND DEFERRED INCOME 20 - (30,000 )
NET ASSETS 2,107,309 1,788,189

CAPITAL AND RESERVES
Called up share capital 21 100,080 100,080
Revaluation reserve 285,183 285,183
Retained earnings 1,722,046 1,402,926
SHAREHOLDERS' FUNDS 2,107,309 1,788,189

The financial statements were approved by the Board of Directors and authorised for issue on 11th September 2024 and were signed on its behalf by:





J P Bradley - Director


Kwiktuf Holdings Limited (Registered number: 10111570)

Company Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,320,610 5,320,610
5,320,610 5,320,610

CURRENT ASSETS
Cash at bank 2,694 12,338

CREDITORS
Amounts falling due within one year 14 1,989,424 1,648,728
NET CURRENT LIABILITIES (1,986,730 ) (1,636,390 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,333,880

3,684,220

CREDITORS
Amounts falling due after more than one
year

15

-

908,810
NET ASSETS 3,333,880 2,775,410

CAPITAL AND RESERVES
Called up share capital 21 100,080 100,080
Retained earnings 3,233,800 2,675,330
SHAREHOLDERS' FUNDS 3,333,880 2,775,410

Company's profit for the financial year 809,729 962,396

The financial statements were approved by the Board of Directors and authorised for issue on 11th September 2024 and were signed on its behalf by:





J P Bradley - Director


Kwiktuf Holdings Limited (Registered number: 10111570)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 100,080 920,487 - 1,020,567

Changes in equity
Dividends - (263,100 ) - (263,100 )
Total comprehensive income - 745,539 285,183 1,030,722
Balance at 31st December 2022 100,080 1,402,926 285,183 1,788,189

Changes in equity
Dividends - (251,259 ) - (251,259 )
Total comprehensive income - 570,379 - 570,379
Balance at 31st December 2023 100,080 1,722,046 285,183 2,107,309

Kwiktuf Holdings Limited (Registered number: 10111570)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 100,080 1,976,034 2,076,114

Changes in equity
Dividends - (263,100 ) (263,100 )
Total comprehensive income - 962,396 962,396
Balance at 31st December 2022 100,080 2,675,330 2,775,410

Changes in equity
Dividends - (251,259 ) (251,259 )
Total comprehensive income - 809,729 809,729
Balance at 31st December 2023 100,080 3,233,800 3,333,880

Kwiktuf Holdings Limited (Registered number: 10111570)

Consolidated Cash Flow Statement
for the year ended 31st December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 872,294 1,189,464
Interest paid (38,922 ) (56,347 )
Interest element of hire purchase payments
paid

(8,670

)

(8,252

)
Tax paid (274,035 ) (176,309 )
Government grants 1,000 31,449
Net cash from operating activities 551,667 980,005

Cash flows from investing activities
Purchase of tangible fixed assets (167,662 ) (235,713 )
Sale of tangible fixed assets 1,000 11,326
Interest received 75 -
Net cash from investing activities (166,587 ) (224,387 )

Cash flows from financing activities
Loan repayments in year (60,453 ) (512,716 )
New hire purchase agreements in year - 120,600
Hire purchase repayments in year (85,472 ) (81,450 )
Equity dividends paid (251,259 ) (263,100 )
Net cash from financing activities (397,184 ) (736,666 )

(Decrease)/increase in cash and cash equivalents (12,104 ) 18,952
Cash and cash equivalents at beginning of
year

2

37,957

19,005

Cash and cash equivalents at end of year 2 25,853 37,957

Kwiktuf Holdings Limited (Registered number: 10111570)

Notes to the Consolidated Cash Flow Statement
for the year ended 31st December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 833,129 1,149,416
Depreciation charges 592,361 569,030
Profit on disposal of fixed assets (1,000 ) (1,002 )
Government grants (1,000 ) (31,449 )
Finance costs 47,592 64,599
Finance income (75 ) -
1,471,007 1,750,594
Decrease/(increase) in stocks 90,285 (88,689 )
Decrease/(increase) in trade and other debtors 38,141 (80,364 )
Decrease in trade and other creditors (727,139 ) (392,077 )
Cash generated from operations 872,294 1,189,464

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 25,853 37,957
Year ended 31st December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 37,957 19,005


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 37,957 (12,104 ) 25,853
37,957 (12,104 ) 25,853
Debt
Finance leases (270,016 ) 85,472 (184,544 )
Debts falling due within 1 year (78,926 ) 16,251 (62,675 )
Debts falling due after 1 year (511,657 ) 44,202 (467,455 )
(860,599 ) 145,925 (714,674 )
Total (822,642 ) 133,821 (688,821 )

Kwiktuf Holdings Limited (Registered number: 10111570)

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

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 20% on cost, 15% on reducing balance and 10% on cost
Fixtures and fittings - 20% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance, 25% on cost and 20% on cost
Computer equipment - 33% on cost and 20% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Kwiktuf Holdings Limited (Registered number: 10111570)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,218,173 3,400,136
Social security costs 263,377 263,680
Other pension costs 62,442 59,888
3,543,992 3,723,704

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

Direct cost employees 110 138
Overhead cost employees 23 22
133 160

2023 2022
£    £   
Directors' remuneration 92,228 70,128

Kwiktuf Holdings Limited (Registered number: 10111570)

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

4. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 8,190 5,790
Depreciation - owned assets 211,761 215,937
Depreciation - assets on hire purchase contracts 53,555 56,048
Profit on disposal of fixed assets (1,000 ) (1,002 )
Goodwill amortisation 327,045 327,045
Auditors' remuneration 3,876 3,576
Government grants amortisation (30,000 ) (30,000 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 20,347 22,489
Loan interest 18,575 33,858
Hire purchase interest 8,670 8,252
47,592 64,599

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 290,086 273,960

Deferred taxation (27,336 ) 129,917
Tax on profit 262,750 403,877

Kwiktuf Holdings Limited (Registered number: 10111570)

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

6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 833,129 1,149,416
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

195,952

218,389

Effects of:
Expenses not deductible for tax purposes 6,169 1,234
Amortisation not taxable - (5,700 )
Capital allowances in excess of depreciation (14,361 ) 127,815
Group amortisation 81,761 62,139
Change in tax provision rate (6,771 ) -
Total tax charge 262,750 403,877

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31st December 2023.

2022
Gross Tax Net
£    £    £   
Property revaluation 285,183 (54,185 ) 230,998

7. INDIVIDUAL INCOME STATEMENT

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


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 150,000 150,000
Ordinary A shares of £1 each
Interim 101,259 113,100
251,259 263,100

Kwiktuf Holdings Limited (Registered number: 10111570)

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

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 3,270,453
AMORTISATION
At 1st January 2023 2,125,793
Amortisation for year 327,045
At 31st December 2023 2,452,838
NET BOOK VALUE
At 31st December 2023 817,615
At 31st December 2022 1,144,660

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st January 2023 1,430,000 3,779,782 70,791
Additions - 102,001 328
Disposals - (662,147 ) (22,135 )
At 31st December 2023 1,430,000 3,219,636 48,984
DEPRECIATION
At 1st January 2023 - 3,103,350 61,925
Charge for year - 214,335 2,221
Eliminated on disposal - (662,147 ) (22,135 )
At 31st December 2023 - 2,655,538 42,011
NET BOOK VALUE
At 31st December 2023 1,430,000 564,098 6,973
At 31st December 2022 1,430,000 676,432 8,866

Kwiktuf Holdings Limited (Registered number: 10111570)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st January 2023 272,204 166,881 5,719,658
Additions 65,333 - 167,662
Disposals (44,914 ) (62,995 ) (792,191 )
At 31st December 2023 292,623 103,886 5,095,129
DEPRECIATION
At 1st January 2023 190,350 150,175 3,505,800
Charge for year 42,976 5,784 265,316
Eliminated on disposal (44,914 ) (62,995 ) (792,191 )
At 31st December 2023 188,412 92,964 2,978,925
NET BOOK VALUE
At 31st December 2023 104,211 10,922 2,116,204
At 31st December 2022 81,854 16,706 2,213,858

Cost or valuation at 31st December 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2007 305,042 - -
Valuation in 2012 (173,000 ) - -
Valuation in 2022 285,183 - -
Cost 1,012,775 3,219,636 48,984
1,430,000 3,219,636 48,984

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2007 - - 305,042
Valuation in 2012 - - (173,000 )
Valuation in 2022 - - 285,183
Cost 292,623 103,886 4,677,904
292,623 103,886 5,095,129

The net book value of tangible fixed assets includes £ 173,276 (2022 - £ 226,831 ) in respect of assets held under hire purchase contracts.

Kwiktuf Holdings Limited (Registered number: 10111570)

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

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 5,320,610
NET BOOK VALUE
At 31st December 2023 5,320,610
At 31st December 2022 5,320,610

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Kwiktuf Limited
Registered office: 264 Wincolmlee, Hull, HU2 0PZ
Nature of business: Glass processing specialists
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,126,424 3,188,729
Profit for the year 937,695 1,341,186


12. STOCKS

Group
2023 2022
£    £   
Raw materials 382,085 458,362
Work-in-progress 8,536 22,544
390,621 480,906

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 1,596,395 1,647,011
Prepayments 82,541 70,066
1,678,936 1,717,077

Kwiktuf Holdings Limited (Registered number: 10111570)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 62,675 78,926 - -
Hire purchase contracts (see note 17) 82,168 87,426 - -
Trade creditors 585,098 763,687 - -
Invoicing discounting 414,743 312,102 - -
Taxation 290,011 273,960 - -
Social security and other taxes 330,455 283,941 - -
Other creditors 229,612 1,800 227,203 -
Amounts owed to group
undertakings - - 1,762,221 1,648,728
Accrued expenses 109,531 96,238 - -
2,104,293 1,898,080 1,989,424 1,648,728

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 467,455 511,657 - -
Hire purchase contracts (see note 17) 102,376 182,590 - -
Shareholder loans - 908,810 - 908,810
569,831 1,603,057 - 908,810

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 62,675 78,926
Amounts falling due between two and five years:
Bank loans - 2-5 years 467,455 511,657

Kwiktuf Holdings Limited (Registered number: 10111570)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 82,168 87,426
Between one and five years 102,376 182,590
184,544 270,016

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 530,130 590,583
Hire purchase contracts 184,544 270,016
714,674 860,599

The bank loan, Invoice discounting and Hire Purchase are secured by way of a fixed and floating charge over the group's property and assets.

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred taxation 247,796 275,132

Group
Deferred
tax
£   
Balance at 1st January 2023 275,132
Charge to Comprehensive Income (27,336 )
Balance at 31st December 2023 247,796

20. ACCRUALS AND DEFERRED INCOME

Group
2023 2022
£    £   
Deferred government grants - 30,000

Kwiktuf Holdings Limited (Registered number: 10111570)

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

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,022 Ordinary £1 100,022 100,022
58 Ordinary A £1 58 58
100,080 100,080

22. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Amount due to related party 1,762,221 1,648,728