REGISTERED NUMBER: 13728121 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SELECTAGLAZE HOLDINGS LIMITED |
REGISTERED NUMBER: 13728121 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SELECTAGLAZE HOLDINGS LIMITED |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Profit and Loss Account | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
SELECTAGLAZE HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Harben House |
Harben Parade |
Finchley Road |
LONDON |
NW3 6LH |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
INTRODUCTION |
These accounts consolidate Selectaglaze Holdings Limited together with its wholly owned subsidiary Selectaglaze Limited. |
After consolidation adjustments, the only significant trading entity in the group is Selectaglaze Limited. |
SECTION 1: BUSINESS REVIEW |
1.1 Activities |
The group has maintained its primary business focus on the design, marketing, sales, survey, manufacturing, and installation of bespoke secondary glazing products. Serving a diverse clientele across the UK, our commitment to customer satisfaction remains pivotal to our operational success. |
1.2 Objectives |
Our strategic objective is to bolster the sales of our core product range within key markets. We aim to enhance our market presence through intensified marketing initiatives, particularly targeting the Retro First market by emphasizing the advantages of secondary glazing. Concurrently, we are dedicated to elevating customer service standards and operational productivity, with a comprehensive upgrade of our IT infrastructure. |
Section 2: Financial Performance |
2.1 Revenue and Profitability |
Despite challenging trading conditions and labour constraints impacting our customers progress, we achieved a turnover growth of 6.6%, amounting to £9,401,331. Our gross margin remained robust at 56.5%, and through diligent cost management, we realized a pre-tax profit of £1,419,320. |
2.2 Financial Commitments |
All deferred payments by Selectaglaze EOT Limited to the vendors of Selectaglaze Holdings Limited's equity, necessitated by the transition to an employee-owned trust structure, have been honoured within this fiscal year. We anticipate fulfilling the residual financial obligations within the scheduled timescale. |
Section 3: Customer and Employee Engagement |
3.1 Customer Satisfaction |
Customer feedback, gauged through surveys, yielded an impressive satisfaction score of 4.7 out of 5.0, mirroring last year's high ratings. The group enjoys substantial customer retention, with a significant percentage of enquiries originating from repeat business. |
3.2 Employee Welfare |
The group's governance and ownership framework remains unaltered, with 85% of shares vested in an employee trust. This year, we distributed £274,229 as profit share to our employees. Our commitment to fair compensation is reflected in our adherence to the real living wage and our participation in the 5% club, with 10% of our workforce engaged in 'earn and learn' roles. |
Section 4: Environmental Stewardship |
4.1 Sustainability Achievements |
We proudly continue our affiliation with the Planet Mark Certification, having further reduced our carbon footprint again in 2023, a 41% reduction compared to the 2019 baseline. This year marked the transition of our car fleet to electric vehicles (10 full EV 4 PHEV), with plans to intensify our scope 3 carbon measurement in 2024. |
Section 5: Year-End Position |
5.1 Operational Capacity |
The year concluded with a notable increase in work-in-hand, from £5.49M to £7.4M, reflecting a surge in Q4 orders and project delays. Our solid financial footing is evidenced by a cash and short-term deposit reserve of £5,041,400, positioning us favourably for future endeavours. |
5.2 Research and Development |
Investment in R&D remains a cornerstone of our strategy, as we continue to refine and diversify our product offerings. These investments are not only crucial for our growth but also align with the rising demand for sustainable and energy-efficient retrofit solutions in the construction sector. |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
SECTION 6: PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the group are as follows: |
Economic Risks |
- Potential business insolvency within our customer base. |
- Prevailing economic volatility undermining industry confidence and activity. |
- Project downscaling by clients to curtail expenses. |
Competitive Risks |
- A market tendency to prioritize cost over quality and specifications. |
The board diligently monitors these risks and engages with specialists as needed to mitigate our exposure. |
ON BEHALF OF THE BOARD: |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
RESEARCH AND DEVELOPMENT |
The group is engaged in research and development of its secondary window systems. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The group's financial risk management objectives are: |
- To ensure sufficient working capital exists for the group's purposes. |
- To minimise the amount of any borrowings. |
The group's financial instruments comprise bank balances, trade debtors and creditors, and as a result there is exposure to credit, liquidity and cash flow risks and these are being managed as follows: |
Credit risk |
- The group grants credit to customers and the balances outstanding are regularly monitored to ensure that the group's payment terms are adhered to thereby minimising the credit, liquidity and cash flow risk. |
Liquidity risk and cash flow risk |
- The group aims to mitigate these risks by monitoring cash collection targets and monitoring the bank balances on a regular basis |
DIRECTORS' INDEMNITY INSURANCE |
During the year ended 31 December 2022 the group maintained insurance covering the directors of the group against liabilities arising in relation to the group in accordance with Section 233 of the Companies Act 2006. |
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. |
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. |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SELECTAGLAZE HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Selectaglaze Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, 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 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 31 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 |
SELECTAGLAZE 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 set out on page four, 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. |
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: |
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the group: |
i) Those laws and regulations considered to have a direct effect on the financial statements include UK financial |
reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
ii) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the group and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and |
non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 |
SELECTAGLAZE 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Harben House |
Harben Parade |
Finchley Road |
LONDON |
NW3 6LH |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
CONSOLIDATED |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
year ended | period |
31.12.23 | 8.11.21 to 31.12.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 9,401,331 | 8,820,424 |
Cost of sales | 4,091,993 | 3,822,594 |
GROSS PROFIT | 5,309,338 | 4,997,830 |
Distribution costs | 995,272 | 971,080 |
Administrative expenses | 3,069,315 | 3,033,544 |
4,064,587 | 4,004,624 |
1,244,751 | 993,206 |
Other operating income | 5 | 4,842 | 12,409 |
OPERATING PROFIT | 7 | 1,249,593 | 1,005,615 |
Interest receivable and similar income | 169,727 | 43,747 |
PROFIT BEFORE TAXATION | 1,419,320 | 1,049,362 |
Tax on profit | 8 | 361,739 | 208,485 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,057,581 |
840,877 |
Profit attributable to: |
Owners of the parent | 1,057,581 | 840,877 |
Total comprehensive income attributable to: |
Owners of the parent | 1,057,581 | 840,877 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 307,659 | 346,117 |
Tangible assets | 11 | 691,870 | 566,205 |
Investments | 12 | - | - |
999,529 | 912,322 |
CURRENT ASSETS |
Stocks | 13 | 425,324 | 415,806 |
Debtors | 14 | 2,254,940 | 2,055,558 |
Investments | 15 | 2,250,035 | 2,501,698 |
Cash at bank and in hand | 2,791,365 | 1,123,566 |
7,721,664 | 6,096,628 |
CREDITORS |
Amounts falling due within one year | 16 | 2,994,568 | 1,752,904 |
NET CURRENT ASSETS | 4,727,096 | 4,343,724 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,726,625 |
5,256,046 |
PROVISIONS FOR LIABILITIES | 18 | 124,417 | 92,669 |
NET ASSETS | 5,602,208 | 5,163,377 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 5,800,000 | 5,800,000 |
Retained earnings | 20 | (197,792 | ) | (636,623 | ) |
SHAREHOLDERS' FUNDS | 5,602,208 | 5,163,377 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by: |
M M Childerstone - Director | A T Willis - Director |
K A Mercer - Director |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 618,750 | 1,477,500 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Profit for the period | - | 840,877 | 840,877 |
Total comprehensive income | - | 840,877 | 840,877 |
Issue of share capital | 5,800,000 | - | 5,800,000 |
Contribution to Employee Ownership Trust |
- |
(1,477,500 |
) |
(1,477,500 |
) |
Balance at 31 December 2022 | 5,800,000 | (636,623 | ) | 5,163,377 |
Changes in equity |
Profit for the year | - | 1,057,581 | 1,057,581 |
Total comprehensive income | - | 1,057,581 | 1,057,581 |
Contribution to Employee Ownership Trust |
- |
(618,750 |
) |
(618,750 |
) |
Balance at 31 December 2023 | 5,800,000 | (197,792 | ) | 5,602,208 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Contribution to Employee Ownership Trust |
- |
(1,477,500 |
) |
(1,477,500 |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Contribution to Employee Ownership Trust |
- |
(618,750 |
) |
(618,750 |
) |
Balance at 31 December 2023 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 26 | 2,414,724 | 1,677,410 |
Tax paid | (251,048 | ) | (26,173 | ) |
Net cash from operating activities | 2,163,676 | 1,651,237 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (399,250 | ) | (110,955 | ) |
Sale of tangible fixed assets | 100,732 | 22,472 |
Cash acquired on acquisitions | - | 1,993,435 |
Payments to Employee Ownership Trust | (618,750 | ) | (1,477,500 | ) |
Interest received | 169,727 | 43,747 |
Transfer from long term bank deposits | 251,664 | (998,870 | ) |
Net cash from investing activities | (495,877 | ) | (527,671 | ) |
Increase in cash and cash equivalents | 1,667,799 | 1,123,566 |
Cash and cash equivalents at beginning of year |
27 |
1,123,566 |
- |
Cash and cash equivalents at end of year |
27 |
2,791,365 |
1,123,566 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Selectaglaze Holdings Limited is a |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the group's accounting policies. |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
Going concern |
The group meets its day-to-day working capital requirements through careful management of working capital positions. The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate without any third party support. After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of "Section 7 Statement of Cash Flows" in relation to the company only cash flow. |
Basis of consolidation |
The group consolidated financial statements include the financial statements of the company and all of its subsidiaries undertakings made up to 31 December 2023. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which gives it control of the financial and operating policies of the entity, it accounts for that as a subsidiary. Similarly where the group owns 50% or more of the voting powers of an entity but does not control the entity by virtue of an agreement with other investors which makes it relieve its control of the financial and operating policies of the entity, it does not account for that as a subsidiary. |
All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group's interest in the entity |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
i) Critical judgement in applying the entity's accounting policies |
(a) Revenue recognition and valuation of completed glazing units |
At the year end the group reviews its ongoing contracts and recognises a portion of the total contract value in its turnover. This is based on the proportion of the number of glazing units produced but not installed minus the estimated turnover receivable for installation. The director believes this is a reasonably accurate method for measuring turnover and for valuing completed glazing units for contracts ongoing at the year end. |
ii) Critical accounting estimates and assumptions |
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(a) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(b) Useful economic life of goodwill |
The annual amortisation of goodwill is sensitive to changes in its estimated useful life. The useful economic value of goodwil is re-asseed annually. |
(c) Impairment of debtors |
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
(d) Taxation |
The group establishes provisions based on reasonable estimates, which are subject to audit by the tax authorities. |
Turnover |
Turnover is derived from contracts to supply and install secondary window systems in the United Kingdom, net of VAT and trade discounts. |
If the ultimate profitability of a contract can be assessed with reasonable certainty after having made prudent allowance for future risks and uncertainties, then turnover is recognised in proportion to the contract work completed. Immediate provision is made for foreseeable losses. |
For glazing units completed but not installed at the year end, turnover is recognised based on the overall contract value allocated to each glazing unit in proportion to its cost, less turnover related to its installation. Amounts receivable are recognised in "Amounts receivable on contracts" within debtors. |
For glazing units installed but not invoiced at the year end, turnover is accrued for and included in "Prepayments and accrued income" within debtors. |
Goodwill |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation is charged to administrative expenses in the profit and loss account. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the profit and loss account. |
Stocks |
Stocks comprise raw materials which are valued at the lower of cost and selling price less selling costs. Cost is determined on a first-in, first-out basis. Selling price is determined by proportionately allocating the selling price of a final glazing unit to its raw material components. |
Current tax |
Taxation expense for the period comprises current tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively. |
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Operating leases |
Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. |
Current asset investments |
Current asset investments include short-term deposits held with banks with original maturities of more than three months but not more than twelve months. |
Employee benefits |
The group provides a range of benefits to its directors and eligible employees as explained |
below: |
(i) Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
(ii) Defined contribution pension plans |
The group makes contributions to the personal pension plans of some of its directors and employees. Once the contributions have been paid, the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plans are held separately from the company in independently administered funds. |
Finance costs |
Finance costs, which include interest and bank charges, are recognised in the profit and loss account in the period in which they are incurred. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as deduction, net of tax, from the proceeds. |
Government grants |
During the Coronavirus pandemic, the group utilised the government support scheme Coronavirus Job Retention Scheme (CJRS). Income under this scheme is classified as a government grant and accounted for on an accruals basis, and recognised in the profit and loss account in the period in which the associated costs for which grants are intended to compensate are incurred. The grant income is reported as "Other operating income" in the profit and loss account. |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Employee ownership trust |
Selectaglaze EOT Limited holds the majority of shares in Selectaglaze Holdings Limited on trust for the Selectaglaze Employee Ownership Trust. The Selectaglaze Employee Ownership Trust holds the shares in Selectaglaze Holdings Limited for the benefit of all employees of Selectaglaze Holdings Limited and its group undertakings. The trust was set up in 2022 in accordance with the requirements of Section 37 to the Finance Act 2014 as an "Employee Ownership Trust" (EOT) and consequently is not required to be consolidated into these financial statements. |
The former owners of Selectaglaze Holdings Limited sold the majority of their shares to the EOT, and the EOT is required to pay the consideration to the former owners in accordance with an agreed payment timetable. As the sponsoring company for the EOT, Selectaglaze Holdings Limited has a responsibility to settle the EOT's liability to former owners to the extent that it has the reserves available, and to include the EOT's operating costs in its profit and loss account. Since Selectaglaze Limited is the only trading entity in the group, it includes the EOT's operating costs in its profit and loss account, and the payments it makes to the former shareholders on behalf of the EOT are classified as distributions to Selectaglaze Holding Limited in the Statement of Changes in Equity. Selectaglaze Holdings Limited recognises the distribution received from Selectaglaze Limited in its profit and loss account and the contributions paid to the EOT in its Statement of Changes in Equity. |
Comparatives |
The comparatives have been amended to show contributions paid to the EOT of £1,477,500 as distributions in the statement of changes in equity. This has no effect on the group's consolidated profit and loss account nor its balance sheet. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Construction contracts | 9,401,331 | 8,820,424 |
9,401,331 | 8,820,424 |
An analysis of turnover by geographical market is given below: |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom | 9,401,331 | 8,820,424 |
9,401,331 | 8,820,424 |
5. | OTHER OPERATING INCOME |
Included in other operating income is government grants received totalling £Nil (2022: £7,663) relating to the Coronavirus Job Retention Scheme. |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | EMPLOYEES AND DIRECTORS |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries | 3,968,960 | 3,509,647 |
Social security costs | 439,975 | 381,449 |
Other pension costs | 498,968 | 499,001 |
4,907,903 | 4,390,097 |
The average number of employees during the year was as follows: |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
Directors | 4 | 4 |
Administration | 29 | 28 |
Production | 44 | 41 |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration | 665,279 | 510,311 |
Directors' pension contributions to money purchase schemes | 196,122 | 197,692 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc | 368,314 | 270,001 |
Pension contributions to money purchase schemes | 10,872 | 42,272 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery | 4,838 | 2,891 |
Depreciation - owned assets | 247,763 | 243,000 |
Profit on disposal of fixed assets | (74,910 | ) | (22,472 | ) |
Goodwill amortisation | 38,458 | 38,458 |
Auditors' remuneration | 33,300 | 32,180 |
Other operating lease rentals | 268,057 | 266,110 |
Included within auditors remuneration above is £5,000 that relates to the audit of the Selectaglaze Holdings Limited and these consolidated financial statements. |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | 329,991 | 230,348 |
Deferred tax | 31,748 | (21,863 | ) |
Tax on profit | 361,739 | 208,485 |
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: |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax | 1,419,320 | 1,049,362 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.521 % (2022 - 19 %) |
333,838 |
199,379 |
Effects of: |
Expenses not deductible for tax purposes | 520 | 420 |
Income not taxable for tax purposes | (17,620 | ) | (4,270 | ) |
Capital allowances in excess of depreciation | (3,836 | ) | - |
Depreciation in excess of capital allowances | - | 26,436 |
Adjustments to tax charge in respect of previous periods | 20,700 | - |
Deferred tax movement | 31,748 | (21,864 | ) |
Accrued pension charge | (3,611 | ) | 8,384 |
Total tax charge | 361,739 | 208,485 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TAXATION - continued |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantively enacted by the balance sheet date. |
The standard rate of Corporation Tax in the UK is 19%. From 1 April 2023, it will remain at 19% for profits less than £50,000, a marginal tax relief rate for profits of £50,000 and £250,000, and 25% for profits over £250,000. |
9. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 384,575 |
AMORTISATION |
At 1 January 2023 | 38,458 |
Amortisation for year | 38,458 |
At 31 December 2023 | 76,916 |
NET BOOK VALUE |
At 31 December 2023 | 307,659 |
At 31 December 2022 | 346,117 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 | 792,016 | 384,765 | 617,902 | 230,244 | 2,024,927 |
Additions | 147,318 | - | 215,352 | 36,580 | 399,250 |
Disposals | - | - | (185,951 | ) | - | (185,951 | ) |
At 31 December 2023 | 939,334 | 384,765 | 647,303 | 266,824 | 2,238,226 |
DEPRECIATION |
At 1 January 2023 | 630,239 | 264,163 | 346,851 | 217,469 | 1,458,722 |
Charge for year | 80,063 | 43,830 | 111,880 | 11,990 | 247,763 |
Eliminated on disposal | - | - | (160,129 | ) | - | (160,129 | ) |
At 31 December 2023 | 710,302 | 307,993 | 298,602 | 229,459 | 1,546,356 |
NET BOOK VALUE |
At 31 December 2023 | 229,032 | 76,772 | 348,701 | 37,365 | 691,870 |
At 31 December 2022 | 161,777 | 120,602 | 271,051 | 12,775 | 566,205 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Alban Park, Hatfield Road,St Albans, Hertfordshire, AL4 0JJ. |
Nature of business: |
% |
Class of shares: | holding |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 425,324 | 415,806 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 792,015 | 917,904 |
Amounts recoverable on |
contracts | 546,129 | 244,722 |
Other debtors | 151,250 | 398,237 |
Prepayments and accrued income | 765,546 | 494,695 |
2,254,940 | 2,055,558 |
15. | CURRENT ASSET INVESTMENTS |
Group |
2023 | 2022 |
£ | £ |
Short term bank deposits | 2,250,035 | 2,501,698 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade creditors | 202,926 | 218,285 |
Corporation tax | 309,291 | 230,348 |
Social security and other taxes | 87,587 | 104,695 |
Other creditors | 2,605 | 2,355 |
Accruals and deferred income | 2,392,159 | 1,197,221 |
2,994,568 | 1,752,904 |
Included in accruals and deferred income is accrued money purchase pension contributions of £129,458 (2022: £144,811). |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 266,896 | 266,896 |
Between one and five years | 1,239,598 | 1,261,494 |
In more than five years | 1,225,000 | 1,470,000 |
2,731,494 | 2,998,390 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 124,417 | 92,669 |
Group |
Deferred tax |
£ |
Balance at 1 January 2023 | 92,669 |
Charge to Profit and Loss Account during year | 31,748 |
Balance at 31 December 2023 | 124,417 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 5,800,000 | 5,800,000 |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | (636,623 | ) |
Profit for the year | 1,057,581 |
Contribution to Employee Ownership Trust |
(618,750 |
) |
At 31 December 2023 | (197,792 | ) |
Company |
Retained |
earnings |
£ |
Profit for the year |
Contribution to Employee Ownership Trust |
(618,750 |
) |
At 31 December 2023 |
21. | PENSION COMMITMENTS |
The group contributes to money purchase pension schemes for the benefit of employees and the directors. The assets of the scheme are administered by trustees in a fund independent from those of the group. The pension cost represents contributions payable by the group and amounted to £498,968 (2022: £499,001). |
22. | ULTIMATE PARENT COMPANY |
Selectaglaze Holdings Limited's parent and ultimate parent company is Selectaglaze EOT Limited which is not required to prepare consolidated accounts. |
23. | OTHER FINANCIAL COMMITMENTS |
To the extent it has the reserves available, the group has undertaken to pay the consideration owed by the EOT on its acquisition of shares in Selectaglaze Holdings Limited. |
The EOT's liability in this respect as at the year end was £2,833,750 (2022: £3,452,500) and is due to be paid in full by 31 December 2027 by quarterly instalments in accordance with the EOT agreement, and is secured by a debenture over Selectaglaze Holdings Limited's assets. |
24. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
24. | RELATED PARTY DISCLOSURES - continued |
Other related parties |
2023 | 2022 |
£ | £ |
Purchases | 245,000 | 245,000 |
Amount due from related party | 135,985 | 394,198 |
Amount due to related party | 45,985 | - |
The other related party is a company controlled by a member of the key management personnel. |
25. | ULTIMATE CONTROLLING PARTY |
The Selectalgaze Employee Ownership Trust is the ultimate controlling party by virtue of its majority shareholding in Selectaglaze Holdings Limited (its shareholding is held in trust by Selectaglaze EOT Limited). |
26. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
period |
8.11.21 |
year ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit for the financial year | 1,057,581 | 840,877 |
Depreciation charges | 286,220 | 281,459 |
Profit on disposal of fixed assets | (74,910 | ) | (22,472 | ) |
Finance income | (169,727 | ) | (43,747 | ) |
Taxation | 361,739 | 208,485 |
1,460,903 | 1,264,602 |
(Increase)/decrease in stocks | (9,518 | ) | 42,834 |
(Increase)/decrease in trade and other debtors | (199,382 | ) | 148,181 |
Increase in trade and other creditors | 1,162,721 | 221,793 |
Cash generated from operations | 2,414,724 | 1,677,410 |
27. | 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 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 2,791,365 | 1,123,566 |
Period ended 31 December 2022 |
31.12.22 | 8.11.21 |
£ | £ |
Cash and cash equivalents | 1,123,566 | - |
SELECTAGLAZE HOLDINGS LIMITED (REGISTERED NUMBER: 13728121) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
28. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,123,566 | 1,667,799 | 2,791,365 |
1,123,566 | 1,667,799 | 2,791,365 |
Liquid resources |
Current asset investments | 2,501,698 | (251,663 | ) | 2,250,035 |
2,501,698 | (251,663 | ) | 2,250,035 |
Total | 3,625,264 | 1,416,136 | 5,041,400 |