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REGISTERED NUMBER: 01670837 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GLAZERITE (EAST) LTD

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


GLAZERITE (EAST) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M Thomas
R Brearley
M Johnston
D R Rhodes
J Dunn





REGISTERED OFFICE: 2 John Wesley Road
Werrington
Peterborough
Cambridgeshire
PE4 6ZL





REGISTERED NUMBER: 01670837 (England and Wales)





AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

The company has produced another improved financial performance. Total turnover on continuing operations increased by £11,558 to £7,050,257 despite sales volumes not hitting the levels we saw in 2022. The increase in turnover therefore was largely down to the continuation of supply chain price increases being passed onto customers, however the company continued to shoulder some of the burden of these increases itself resulting in Gross Margins of 28.9% still around 1% lower than 2021 levels. Net profit before tax was £709,758, representing a net margin of 10.1% on sales which was in line with 2022 performance. Significant effort and cost was put into improving the already efficient and cost-effective business to ensure net margins were held at 2022 levels despite the cost increases seen from areas such as rent and rates, insurance, energy costs and the continued increases in the minimum wage.

Cash flow generated from operations remains strong and the company continued with its policy of investment in machinery and personnel and in the course of the year purchased capital expenditure totalling £130,030.

Total capital and reserves at the year-end decreased by £1,699,728 to £822,892.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a very competitive environment, focused on timely and efficient service, quality and price and is proven to be able to excel in it.

The issues arising from the Coronavirus pandemic continued to have an impact on trading within the industry in early 2023. Supply chain prices continued to fluctuate and the company continued with its Raw Material Surcharge policy until it was removed at the end of August. The company also continued to use its good reputation and excellent payment record with suppliers to ensure it was top of the list if/when it came to any supply decisions. During 2023 a new 10-year rent agreement was entered into at a significant cost increase and insurance and energy costs continued to rise, as did the minimum wage. However, the company has significant availability of cash which will enable it to deal with any further issues such as these. The company will continue to invest in new machinery, vehicles and staff development throughout 2024 to ensure that it is able to continue to prosper.

SIGNED BY ORDER OF THE DIRECTORS:





R Brearley - Director


12 September 2024

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacturing of UPVC windows and doors.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £56.25 per share.

The total distribution of dividends for the year ended 31 December 2023 will be £ 2,250,000 .

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

M Thomas
R Brearley
M Johnston
D R Rhodes
J Dunn

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:





R Brearley - Director


12 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLAZERITE (EAST) LTD


Opinion
We have audited the financial statements of Glazerite (East) Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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 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 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
GLAZERITE (EAST) LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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
GLAZERITE (EAST) LTD


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.




Robyn Liddell (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

16 September 2024

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 7,050,257 7,038,699

Cost of sales 5,009,890 5,100,315
GROSS PROFIT 2,040,367 1,938,384

Administrative expenses 1,329,291 1,232,849
711,076 705,535

Other operating income 12,125 7,932
OPERATING PROFIT 4 723,201 713,467

Interest receivable and similar income 621 -
723,822 713,467

Interest payable and similar expenses 5 14,064 5,016
PROFIT BEFORE TAXATION 709,758 708,451

Tax on profit 6 159,486 131,032
PROFIT FOR THE FINANCIAL YEAR 550,272 577,419

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

550,272

577,419

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 577,207 540,166

CURRENT ASSETS
Stocks 9 479,558 373,647
Debtors 10 891,904 2,265,744
Cash at bank and in hand 26,648 234,988
1,398,110 2,874,379
CREDITORS
Amounts falling due within one year 11 925,346 773,031
NET CURRENT ASSETS 472,764 2,101,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,049,971

2,641,514

CREDITORS
Amounts falling due after more than one
year

12

(96,036

)

-

PROVISIONS FOR LIABILITIES 16 (131,043 ) (118,894 )
NET ASSETS 822,892 2,522,620

CAPITAL AND RESERVES
Called up share capital 17 20,000 20,000
Retained earnings 18 802,892 2,502,620
SHAREHOLDERS' FUNDS 822,892 2,522,620

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




R Brearley - Director



M Johnston - Director


GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 20,000 1,925,201 1,945,201

Changes in equity
Total comprehensive income - 577,419 577,419
Balance at 31 December 2022 20,000 2,502,620 2,522,620

Changes in equity
Dividends - (2,250,000 ) (2,250,000 )
Total comprehensive income - 550,272 550,272
Balance at 31 December 2023 20,000 802,892 822,892

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 861,382 1,083,040
Interest paid (14,064 ) (5,016 )
Tax paid (231,687 ) (77,060 )
Net cash from operating activities 615,631 1,000,964

Cash flows from investing activities
Purchase of tangible fixed assets (2,494 ) (5,298 )
Intercompany loans 1,433,804 (786,289 )
Interest received 621 -
Net cash from investing activities 1,431,931 (791,587 )

Cash flows from financing activities
Capital repayments in year (5,902 ) -
Equity dividends paid (2,250,000 ) -
Net cash from financing activities (2,255,902 ) -

(Decrease)/increase in cash and cash equivalents (208,340 ) 209,377
Cash and cash equivalents at
beginning of year

2

234,988

25,611

Cash and cash equivalents at end of
year

2

26,648

234,988

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 709,758 708,451
Depreciation charges 92,990 92,732
Finance costs 14,064 5,016
Finance income (621 ) -
816,191 806,199
Increase in stocks (105,911 ) (78,936 )
(Increase)/decrease in trade and other debtors (59,964 ) 475,592
Increase/(decrease) in trade and other creditors 211,066 (119,815 )
Cash generated from operations 861,382 1,083,040

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 26,648 234,988
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 234,988 25,611


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1/1/23 Cash flow changes At 31/12/23
£    £    £    £   
Net cash
Cash at bank
and in hand 234,988 (208,340 ) 26,648
234,988 (208,340 ) 26,648
Debt
Finance leases - 5,902 - (121,634 )
- 5,902 - (121,634 )
Total 234,988 (202,438 ) - (94,986 )

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Glazerite (East) Ltd 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 Company 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.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover represents net invoiced sale of goods and services, excluding value added tax, except in respect of goods and services supplied under contract, where turnover is recognised when the company obtains a right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 10 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - Straight line over 5 years

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 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 statement of financial position 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,264,347 1,217,786
Social security costs 102,487 104,587
Other pension costs 24,560 23,501
1,391,394 1,345,874

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

Admin 9 9
Production 40 41
49 50

2023 2022
£    £   
Directors' remuneration 1,525 2,960

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 44,449 35,499
Other operating leases 171,583 87,500
Depreciation - owned assets 89,687 92,732
Depreciation - assets on hire purchase contracts 3,302 -
Auditors' remuneration 8,575 7,898

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest payable 14,064 5,016

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 147,336 151,066

Deferred tax 12,150 (20,034 )
Tax on profit 159,486 131,032

UK corporation tax has been charged at 25% (2022 - 19%).

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 709,758 708,451
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

177,440

134,606

Effects of:
Expenses not deductible for tax purposes 7,141 1,235
Reversal of provision (15,828 ) -
Change in Corporation tax rate (9,267 ) -
Change in deferred tax rate - (4,809 )
Total tax charge 159,486 131,032

7. DIVIDENDS
2023 2022
£    £   
Interim 2,250,000 -

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 1,179,687 59,676 133,025 1,372,388
Additions 130,030 - - 130,030
Disposals (404,399 ) - - (404,399 )
At 31 December 2023 905,318 59,676 133,025 1,098,019
DEPRECIATION
At 1 January 2023 682,761 51,706 97,755 832,222
Charge for year 77,862 2,487 12,640 92,989
Eliminated on disposal (404,399 ) - - (404,399 )
At 31 December 2023 356,224 54,193 110,395 520,812
NET BOOK VALUE
At 31 December 2023 549,094 5,483 22,630 577,207
At 31 December 2022 496,926 7,970 35,270 540,166

The net book value of tangible fixed assets includes £ 124,629 in respect of assets held under hire purchase contracts.

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. STOCKS
2023 2022
£    £   
Raw materials 479,558 373,647

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 602,050 509,184
Amounts owed by group undertakings 59,716 1,493,520
Other debtors 107,756 235,671
Prepayments and accrued income 122,382 27,369
891,904 2,265,744

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 25,598 -
Trade creditors 679,588 356,464
Tax 66,715 151,066
Social security and other taxes 18,109 19,150
VAT 87,308 101,909
Other creditors 4,702 3,301
Accruals and deferred income 43,326 141,141
925,346 773,031

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 96,036 -

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 25,598 -
Between one and five years 96,036 -
121,634 -

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 292,030 165,116
Between one and five years 1,146,946 660,000
In more than five years 660,000 825,000
2,098,976 1,650,116

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 121,634 -

Hire Purchase borrowings are secured on the assets to which the agreements relate.

15. SECURED DEBTS

Shawbrook Bank Limited has a full form debenture comprising of fixed and floating charges over the whole of the company and fellow group companies including the business, assets and undertaking of the company.

There is also a further debenture in place including a fixed and floating charge covering all the property or undertaking of the company.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 131,043 118,894

Deferred
tax
£   
Balance at 1 January 2023 118,894
Provided during year 12,149
Accelerated capital allowances
Balance at 31 December 2023 131,043

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40,000 Ordinary 50p 20,000 20,000

GLAZERITE (EAST) LTD (REGISTERED NUMBER: 01670837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. RESERVES
Retained
earnings
£   

At 1 January 2023 2,502,620
Profit for the year 550,272
Dividends (2,250,000 )
At 31 December 2023 802,892

19. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 31,294 -

20. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 58,359 (2022 - £ 56,862 ) was paid.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Related Party Disclosure, not to disclose related party transactions or balances with wholly owned subsidiaries within the group.

21. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Trade Frames Holdings Limited and ultimate parent undertaking is RGB Investment Holdings Limited a company registered in the United Kingdom.

The largest and smallest group in which the company's results are consolidated is RGB Investment Holdings Limited. A copy of the group accounts can be obtained from the parent company, whose registered office is Rixon Court 39-43 Rixon Road, Finedon Road Industrial Estate, Wellingborough, Northamptonshire, United Kingdom, NN8 4BA.

The ultimate controlling party is Mr R G Brearley. Mr R G Brearley has a majority shareholding in RGB Investment Holdings Limited.