Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 01217192 Mr A T Aplin Mr A G Doyle Mr C J Holroyd Mr A R Lane Mr H F McArthur Mr P R Rogers Mr W T Simmonds Mr J H Stuart Mr H F McArthur the Worshipful Company of Glaziers & Painters of Glass true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01217192 2023-03-31 01217192 2024-03-31 01217192 2023-04-01 2024-03-31 01217192 frs-core:CurrentFinancialInstruments 2024-03-31 01217192 frs-core:Non-currentFinancialInstruments 2024-03-31 01217192 frs-core:ComputerEquipment 2024-03-31 01217192 frs-core:ComputerEquipment 2023-04-01 2024-03-31 01217192 frs-core:ComputerEquipment 2023-03-31 01217192 frs-core:FurnitureFittings 2024-03-31 01217192 frs-core:FurnitureFittings 2023-04-01 2024-03-31 01217192 frs-core:FurnitureFittings 2023-03-31 01217192 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 01217192 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01217192 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 01217192 frs-core:PlantMachinery 2024-03-31 01217192 frs-core:PlantMachinery 2023-04-01 2024-03-31 01217192 frs-core:PlantMachinery 2023-03-31 01217192 frs-core:CapitalRedemptionReserve 2024-03-31 01217192 frs-core:RevaluationReserve 2023-03-31 01217192 frs-core:RevaluationReserve 2024-03-31 01217192 frs-core:ShareCapital 2024-03-31 01217192 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 01217192 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01217192 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 01217192 frs-bus:SmallEntities 2023-04-01 2024-03-31 01217192 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01217192 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01217192 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01217192 frs-bus:OrdinaryShareClass1 2024-03-31 01217192 frs-bus:OrdinaryShareClass2 2023-04-01 2024-03-31 01217192 frs-bus:OrdinaryShareClass2 2024-03-31 01217192 frs-bus:OrdinaryShareClass3 2023-04-01 2024-03-31 01217192 frs-bus:OrdinaryShareClass3 2024-03-31 01217192 frs-bus:PreferenceShareClass1 2023-04-01 2024-03-31 01217192 frs-bus:PreferenceShareClass1 2024-03-31 01217192 1 2023-04-01 2024-03-31 01217192 frs-bus:Director1 2023-04-01 2024-03-31 01217192 frs-bus:Director2 2023-04-01 2024-03-31 01217192 frs-bus:Director3 2023-04-01 2024-03-31 01217192 frs-bus:Director4 2023-04-01 2024-03-31 01217192 frs-bus:Director5 2023-04-01 2024-03-31 01217192 frs-bus:Director6 2023-04-01 2024-03-31 01217192 frs-bus:Director7 2023-04-01 2024-03-31 01217192 frs-bus:Director8 2023-04-01 2024-03-31 01217192 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 01217192 frs-core:CurrentFinancialInstruments 1 2024-03-31 01217192 frs-core:CurrentFinancialInstruments 2 2024-03-31 01217192 frs-core:CurrentFinancialInstruments 3 2024-03-31 01217192 frs-countries:EnglandWales 2023-04-01 2024-03-31 01217192 2022-03-31 01217192 2023-03-31 01217192 2022-04-01 2023-03-31 01217192 frs-core:CurrentFinancialInstruments 2023-03-31 01217192 frs-core:Non-currentFinancialInstruments 2023-03-31 01217192 frs-core:CapitalRedemptionReserve 2023-03-31 01217192 frs-core:RevaluationReserve 2023-03-31 01217192 frs-core:ShareCapital 2023-03-31 01217192 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 01217192 frs-bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01217192 frs-bus:OrdinaryShareClass2 2022-04-01 2023-03-31 01217192 frs-bus:OrdinaryShareClass3 2022-04-01 2023-03-31 01217192 frs-bus:PreferenceShareClass1 2022-04-01 2023-03-31 01217192 frs-core:CurrentFinancialInstruments 1 2023-03-31 01217192 frs-core:CurrentFinancialInstruments 2 2023-03-31 01217192 frs-core:CurrentFinancialInstruments 3 2023-03-31
Registered number: 01217192
Glaziers Hall Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Cameron Hysom Ltd
Chartered Management Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 01217192
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,402,578 9,448,582
9,402,578 9,448,582
CURRENT ASSETS
Stocks 5 4,492 3,052
Debtors 6 187,547 110,338
Cash at bank and in hand 1,263,561 840,036
1,455,600 953,426
Creditors: Amounts Falling Due Within One Year 7 (1,284,086 ) (1,114,064 )
NET CURRENT ASSETS (LIABILITIES) 171,514 (160,638 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,574,092 9,287,944
Creditors: Amounts Falling Due After More Than One Year 8 (1,231,685 ) (1,665,158 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (1,839,733 ) (1,692,743 )
NET ASSETS 6,502,674 5,930,043
CAPITAL AND RESERVES
Called up share capital 10 1,241,550 1,241,550
Revaluation reserve 11 4,669,029 4,669,029
Capital redemption reserve 46,000 46,000
Profit and Loss Account 546,095 (26,536 )
SHAREHOLDERS' FUNDS 6,502,674 5,930,043
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A R Lane
Director
Mr J H Stuart
Director
30/09/2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Glaziers Hall Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01217192 . The registered office is 9 Montague Close, London Bridge, London, SE1 9DD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of long leasehold properties at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The company’s business activities, together with the factors affecting and likely to affect its performance and financial position, its cash flows, liquidity and borrowings are set out in the Directors’ Report and Chairman’s Statement. At 31 March 2024 the company had cash deposits of £1,263,561 with total debt of £1,403,539 and an undrawn overdraft facility of £100,000.
The company’s principal debt is a Medium Term Loan, repayable in monthly instalments to 2038, with 5-yearly reviews, the next in 2028. The principal outstanding at year-end was £1,403,539 (2023 £1,675,832). The company’s increased profitability has enabled several lump sum prepayments to be made, and the Directors intend to continue this, subject to ongoing requirements for capital expenditure and working capital. This would result in the Medium Term Loan being repaid several years early.
The Directors prepare a detailed budget annually, including financial projections with associated cash flows. The Directors have had regard to reasonably possible trends in trading performance during the current financial year 2024-25, in particular, possible future levels of interest rates and the economic environment. Market demand has continued the previous year’s encouraging performance. However, there remains considerable uncertainty regarding the level of future demand. 
The company has considered various downside scenarios in preparing budgets, and their impact on cash reserves. Mitigating actions would be available to the company should any adverse eventuality arise, to moderate cash outflows. The directors are satisfied, based on the business plan and regular reviews with the bank, that the provision of further financial resources in the form of additional borrowing would be available to the company should this be required.
Accordingly, the Directors have formed the judgement, taking into account the financial resources available, the range of reasonably possible future trading scenarios and potential mitigating actions, that the company has adequate resources to continue to operate for a period of at least 12 months from the date of approval of the financial statements and have therefore adopted the going concern basis in the preparation of the financial statements. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Not depreciated
Plant & Machinery 5% - 33.33% straight line
Fixtures & Fittings 5% - 33.33% straight line
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
The company only has basic financial instruments measured at amortised cost with no items measured at fair value.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
A grant received before the recognition criteria are satisfied is recognised as a liability.
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2.9. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.10. Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
As regards going concern, the judgements and sources of uncertainty are set out on note 2.2 above. In the opinion of the directors, there are no others.
3. Average Number of Employees
 Average number of employees, including executive directors, during the year was:  11 (2023: 11)
11 11
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 9,050,000 222,599 2,054,522 42,070 11,369,191
Additions - 985 57,335 4,946 63,266
As at 31 March 2024 9,050,000 223,584 2,111,857 47,016 11,432,457
Depreciation
As at 1 April 2023 - 193,859 1,691,342 35,408 1,920,609
Provided during the period - 5,035 100,134 4,101 109,270
As at 31 March 2024 - 198,894 1,791,476 39,509 2,029,879
Net Book Value
As at 31 March 2024 9,050,000 24,690 320,381 7,507 9,402,578
As at 1 April 2023 9,050,000 28,740 363,180 6,662 9,448,582
5. Stocks
2024 2023
£ £
Finished goods 4,492 3,052
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 88,785 41,115
Prepayments and accrued income 91,634 60,482
Staff Loans 7,128 8,741
187,547 110,338
Staff Loans
Season ticket loans have been provided to those members of staff wanting to make use of this facility.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 120,938 87,802
Bank loans and overdrafts 171,854 261,507
Corporation tax 61,464 300
Other taxes and social security 12,366 9,761
VAT 90,049 65,811
Other creditors - customers deposits 481,180 472,733
Other creditors - general - 11,667
Other creditors - pensions 1,574 1,203
Negative Trade Debtors 22,756 51,985
Accruals and deferred income 321,905 151,295
1,284,086 1,114,064
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,231,685 1,665,158
In March 2018 the company converted its drawdown facility with the Bank into a loan of £2.150m repayable over 15 years to 2033 at 1.9% over HSBC base rate. The company negotiated two capital repayment holidays with the Bank recognising the very negative impact on its cash flows of the Coronavirus pandemic covering the period April 2020 to May 2021. Capital repayments were recommenced on the relevant due date. The interest rate on this loan rose to 2.9% in March 2023 when the term was extended to 2038. Renegotiable every 5 years.
In October 2020, the company was successful in securing a further loan under the Coronavirus Business Interruption Loan Scheme (CBILS) of £350,000. This loan was free of interest charges and capital repayment during its first year to October 2021 when repayments commenced over a six-year term at 3.99% over Bank of England base rate. The loan was paid in full by July 2023.
The company also has an undrawn overdraft facility of £100,000 which carries interest at 4.3% (2025: 3.18%) over Bank of England base rate.
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9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances and property revaluation.
2024 2023
£ £
Other timing differences 1,839,733 1,692,743
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
14 Ordinary Shares of £ 25,000 each 350,000 350,000
23 Ordinary A shares of £ 7,500 each 172,500 172,500
9 Ordinary B shares of £ 250 each 2,250 2,250
524,750 524,750
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
716,800 Preference Shares of £ 1 each 716,800 716,800
Ordinary "A" and "B" shares are non-voting.
All Preference Shares are classified as equity.
11. Reserves
Revaluation Reserve
£
As at 1 April 2023 4,669,029
As at 31 March 2024 4,669,029
12. Related Party Transactions
Transactions with related parties
The following livery companies are considered to be related parties by virtue of their shareholdings in the company. During the period, the company made sales and purchases of goods and services to these livery companies as shown below:
Sales:
Worshipful Company of Glaziers & Painters of Glass £4,968 (2023: £6,320)
Worshipful Company of Scientific Instrument Makers £7,553 (2023: £9,670)
Worshipful Company of Launderers £2,760 (2023:£3,517)
Purchases:
Worshipful Company of Scientific Instrument Makers £nil (2023: £190)
In addition to the above transactions, the livery company shareholders have free use of the Livery Hall on certain days as prescribed under Articles 23(B) (a) and (b) of the company’s Articles of Association. The company provides security and cloakroom services on these occasions, however it is not practicable to determine the cost to the company of providing these services.
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13. Ultimate Controlling Party
The company's ultimate controlling party is the Worshipful Company of Glaziers & Painters of Glass by virtue of the voting rights carried over their ordinary share holding in the company.
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