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REGISTERED NUMBER: 03924311 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GLAZERITE WINDOWS LIMITED

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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 14


GLAZERITE WINDOWS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







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



REGISTERED OFFICE: Rixon Court
39-43 Rixon Road
Finedon Road Industrial Estate
Wellingborough
Northamptonshire
NN8 4BA



REGISTERED NUMBER: 03924311 (England and Wales)



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



BANKERS: NatWest
35 Fishergate
Preston
PR1 1AD

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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.

Total turnover on continuing operations decreased by £3,427,915 (12%) to £25,324,750. Net profit before tax was £1,006,847, representing a net margin of 4.0% on sales, a decrease of 2.5% on 2022 performance.

Sales volumes for the company decreased in the region of 20% from the post-pandemic levels that we saw in 2022. The reason turnover did not decrease in line with this 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 27.7% still around 1% lower than 2021 levels. Significant effort and cost was put into improving the already efficient and cost-effective business to help ensure that net profit was still healthy despite the cost increases seen from areas such as business 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 £695,451.

Total capital and reserves at the year-end increased by £250,427 to £7,524,119.

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 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 WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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
Dividends of £624,455 (2022 - £965,360) were voted during the year.

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

R Brearley
M Johnston
J Dunn
D R Rhodes
M Thomas

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 WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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 WINDOWS LIMITED


Opinion
We have audited the financial statements of Glazerite Windows Limited (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 WINDOWS LIMITED


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 WINDOWS 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.




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

24 September 2024

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 25,324,750 28,752,665

Cost of sales 18,308,569 20,939,546
GROSS PROFIT 7,016,181 7,813,119

Administrative expenses 5,975,486 5,959,903
1,040,695 1,853,216

Other operating income 323,160 302,723
OPERATING PROFIT 4 1,363,855 2,155,939

Interest receivable and similar income 12,829 -
1,376,684 2,155,939

Interest payable and similar expenses 5 369,837 296,993
PROFIT BEFORE TAXATION 1,006,847 1,858,946

Tax on profit 6 131,970 208,070
PROFIT FOR THE FINANCIAL YEAR 874,877 1,650,876

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

874,877

1,650,876

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,558,855 1,268,995

CURRENT ASSETS
Stocks 9 1,627,400 1,240,573
Debtors 10 10,019,467 12,471,303
Cash at bank and in hand 272,032 43,219
11,918,899 13,755,095
CREDITORS
Amounts falling due within one year 11 4,275,673 5,844,438
NET CURRENT ASSETS 7,643,226 7,910,657
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,202,081

9,179,652

CREDITORS
Amounts falling due after more than one
year

12

(1,374,185

)

(1,660,825

)

PROVISIONS FOR LIABILITIES 16 (303,777 ) (245,135 )
NET ASSETS 7,524,119 7,273,692

CAPITAL AND RESERVES
Called up share capital 17 860 860
Capital redemption reserve 18 140 140
Retained earnings 18 7,523,119 7,272,692
SHAREHOLDERS' FUNDS 7,524,119 7,273,692

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 WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 860 6,587,176 140 6,588,176

Changes in equity
Dividends - (965,360 ) - (965,360 )
Total comprehensive income - 1,650,876 - 1,650,876
Balance at 31 December 2022 860 7,272,692 140 7,273,692

Changes in equity
Dividends - (624,450 ) - (624,450 )
Total comprehensive income - 874,877 - 874,877
Balance at 31 December 2023 860 7,523,119 140 7,524,119

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,370,232 2,212,446
Interest paid (342,219 ) (292,485 )
Interest element of hire purchase
payments paid

(27,618

)

(4,508

)
Tax paid (52,923 ) (815,901 )
Net cash from operating activities 1,947,472 1,099,552

Cash flows from investing activities
Purchase of tangible fixed assets (166,483 ) (230,209 )
Sale of tangible fixed assets 10,917 40,382
Interest received 12,829 -
Net cash from investing activities (142,737 ) (189,827 )

Cash flows from financing activities
New loans in year - 185,950
Loan repayments in year (600,000 ) (641,654 )
Change in Intercompany debt 67,481 175,458
Capital repayments in year (106,410 ) -
Invoicing discounting advanced (312,543 ) 141,644
Equity dividends paid (624,450 ) (965,360 )
Net cash from financing activities (1,575,922 ) (1,103,962 )

Increase/(decrease) in cash and cash equivalents 228,813 (194,237 )
Cash and cash equivalents at
beginning of year

2

43,219

237,456

Cash and cash equivalents at end of
year

2

272,032

43,219

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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 1,006,847 1,858,946
Depreciation charges 405,497 395,629
Profit on disposal of fixed assets (10,917 ) (15,168 )
Finance costs 369,837 296,993
Finance income (12,829 ) -
1,758,435 2,536,400
Increase in stocks (386,827 ) (224,090 )
Decrease in trade and other debtors 930,147 380,060
Increase/(decrease) in trade and other creditors 68,477 (479,924 )
Cash generated from operations 2,370,232 2,212,446

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 272,032 43,219
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 43,219 237,456


GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/1/23 Cash flow changes At 31/12/23
£    £    £    £   
Net cash
Cash at bank
and in hand 43,219 228,813 272,032
43,219 228,813 272,032
Debt
Finance leases (144,296 ) 106,410 - (566,761 )
Debts falling due
within 1 year (600,000 ) - - (600,000 )
Debts falling due
after 1 year (1,550,000 ) 600,000 - (950,000 )
(2,294,296 ) 706,410 - (2,116,761 )
Total (2,251,077 ) 935,223 - (1,844,729 )

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


1. STATUTORY INFORMATION

Glazerite Windows 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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to leasehold properties - Straight line over 5 years
Plant and machinery - Straight line over 10 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - Straight line over 5 years

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 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.

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


2. ACCOUNTING POLICIES - continued

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.

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.

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.

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,900,354 5,757,919
Social security costs 530,877 532,780
Other pension costs 133,943 141,629
6,565,174 6,432,328

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

Production 173 181
Administration 63 60
236 241

2023 2022
£    £   
Directors' remuneration 83,768 73,246
Directors' pension contributions to money purchase schemes 35,717 20,636

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

4. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 372,032 264,480
Other operating leases 612,731 599,532
Depreciation - owned assets 348,140 381,744
Depreciation - assets on hire purchase contracts 57,451 13,885
Profit on disposal of fixed assets (10,917 ) (15,168 )
Auditors' remuneration 12,760 11,600

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 84,810 94,096
Other interest payable 257,409 198,389
Hire purchase 27,618 4,508
369,837 296,993

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 73,336 231,931
Over/under provision in prior
year (8 ) (8 )
Total current tax 73,328 231,923

Deferred tax 58,642 (23,853 )
Tax on profit 131,970 208,070

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

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 1,006,847 1,858,946
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

251,712

353,200

Effects of:
Expenses not deductible for tax purposes 1,974 6,293
Under-provision (8 ) (8 )
Super deduction (7,625 ) (12,936 )
Utilisation of group losses (31,860 ) (30,657 )
Depreciation on ineligible assets 1,393 1,007
Change in corporation tax rate (4,613 ) -
Research and development expenditure - (53,123 )
Change in deferred tax rate - (5,725 )
Allowable expenses (79,003 ) (49,981 )
Total tax charge 131,970 208,070

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


7. DIVIDENDS
2023 2022
£    £   
Interim 624,450 965,360

8. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold Plant and and
properties machinery fittings
£    £    £   
COST
At 1 January 2023 305,113 3,698,091 316,026
Additions - 507,280 -
Disposals - - -
At 31 December 2023 305,113 4,205,371 316,026
DEPRECIATION
At 1 January 2023 232,738 2,723,363 308,316
Charge for year 31,369 259,760 3,736
Eliminated on disposal - - -
At 31 December 2023 264,107 2,983,123 312,052
NET BOOK VALUE
At 31 December 2023 41,006 1,222,248 3,974
At 31 December 2022 72,375 974,728 7,710

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 723,000 695,015 5,737,245
Additions 137,989 50,182 695,451
Disposals (107,206 ) - (107,206 )
At 31 December 2023 753,783 745,197 6,325,490
DEPRECIATION
At 1 January 2023 604,973 598,860 4,468,250
Charge for year 68,186 42,540 405,591
Eliminated on disposal (107,206 ) - (107,206 )
At 31 December 2023 565,953 641,400 4,766,635
NET BOOK VALUE
At 31 December 2023 187,830 103,797 1,558,855
At 31 December 2022 118,027 96,155 1,268,995

The net book value of tangible fixed assets includes £ 643,489 (2022 - £ 172,065 ) in respect of assets held under hire purchase contracts.

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


9. STOCKS
2023 2022
£    £   
Raw materials 1,627,400 1,240,573

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,272,276 3,206,131
Amounts owed by group undertakings 7,427,543 8,928,827
Tax 82,664 103,069
Prepayments and accrued income 236,984 233,276
10,019,467 12,471,303

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 600,000 600,000
Hire purchase contracts (see note 14) 142,576 33,471
Trade creditors 1,831,449 1,315,894
Amounts owed to group undertakings 59,716 1,493,520
Social security and other taxes 119,825 115,063
VAT 199,538 260,626
Other creditors 1,215,276 1,565,225
Accruals and deferred income 107,293 460,639
4,275,673 5,844,438

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 13) 950,000 1,550,000
Hire purchase contracts (see note 14) 424,185 110,825
1,374,185 1,660,825

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 600,000 600,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 600,000 600,000

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


13. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 350,000 950,000

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 142,576 33,471
Between one and five years 424,185 110,825
566,761 144,296

Non-cancellable operating leases
2023 2022
£    £   
Within one year 630,860 780,925
Between one and five years 1,426,758 1,888,597
In more than five years 117,389 281,799
2,175,007 2,951,321

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,550,000 2,150,000
Hire purchase contracts 566,761 144,296
Bank financing facility 1,188,519 1,501,062
3,305,280 3,795,358

The bank borrowings and financing facility are secured by a fixed and floating charge over all the property or undertaking of the company.

The deferred loan notes held in other creditors due after more than one year within the ultimate parent company RGB Investment Holdings Limited, are secured by a debenture charge over all the property and undertaking of the company.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 303,777 245,135

GLAZERITE WINDOWS LIMITED (REGISTERED NUMBER: 03924311)

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


16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 245,135
Provided during year 58,642
Balance at 31 December 2023 303,777

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
860 Ordinary £1.00 860 860

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 7,272,692 140 7,272,832
Profit for the year 874,877 874,877
Dividends (624,450 ) (624,450 )
At 31 December 2023 7,523,119 140 7,523,259

19. RELATED PARTY DISCLOSURES

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.

During the year, a total of key management personnel compensation of £ 582,358 (2022 - £ 541,520 ) was paid.

20. ULTIMATE CONTROLLING PARTY

The 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 RGB Investment Holdings Limited, 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 Brearley.

Mr R Brearley has a majority shareholding in RGB Investment Holdings Limited the ultimate parent company of Glazerite Windows Limited.