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REGISTERED NUMBER: 10942433 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

MACKENZIE GLASS LIMITED

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MACKENZIE GLASS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M J Mitchell
M J Prowse
M I Herbert





REGISTERED OFFICE: Old Mansion House
9 Quay Street
TRURO
Cornwall
TR1 2HE





REGISTERED NUMBER: 10942433 (England and Wales)





AUDITORS: TC Group
Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 577,849 689,394

CURRENT ASSETS
Stocks 990,853 1,017,538
Debtors 6 3,634,228 1,749,589
Cash at bank and in hand 101,450 1,109,412
4,726,531 3,876,539
CREDITORS
Amounts falling due within one year 7 (1,135,614 ) (1,270,980 )
NET CURRENT ASSETS 3,590,917 2,605,559
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,168,766

3,294,953

CREDITORS
Amounts falling due after more than one
year

8

(15,528

)

(19,441

)

PROVISIONS FOR LIABILITIES (139,793 ) (161,780 )
NET ASSETS 4,013,445 3,113,732

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 3,813,445 2,913,732
SHAREHOLDERS' FUNDS 4,013,445 3,113,732

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





M J Mitchell - Director


MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Mackenzie Glass 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 (£).


Amounts in the accounts are rounded to the nearest £1.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The activities of the group as a whole together with the factors likely to affect its future development, performance and financial position are set out in the parent company's Strategic Report. The company has net assets of £4.01m at the balance sheet date. The company is exposed to a range of operational risks, however management has prepared detailed forecasts for 12 months from the date of signing the accounts, and having considered the assumptions and conclusions made by management, and the availability of financial resources, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future, and as a minimum for a period of at least 12 months from the date of approval of these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The Company 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 risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic life of tangible fixed assets
The Company makes an estimate for the useful economic life of tangible fixed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematic basis over that assessment of useful life, taking into account any impairment that has been identified.

Stock valuation
The company applies a policy of valuing stock at the lower of cost and net realisable value which involves making an assessment of cost, based on prices of raw materials and other components from a range of suppliers, and assessing the net realisable value of the goods taking into account the selling prices of those goods to a range of customers.

Critical judgments
The directors do not believe there are any critical judgments that have been made in applying the company's accounting policies.

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

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

Revenue is recognised for the sale of glass and glazing products when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. This will typically occur when goods are dispatched to the customer.

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.
Plant and machinery etc - at varying rates on cost and Straight line over 3 years

Tangible fixed assets are reviewed annually for indicators of impairment and any impairment losses arising from the difference between the carrying amount and the recoverable amount are recognised in profit or loss for the period.

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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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
The company has engaged in Research and Development activities in relation to improving its manufacturing systems and processes. Costs relating to this activity are recognised in the profit and loss account in the period in which the expenditure is incurred. During the period, the company has made claims for research and development tax relief in relation to earlier accounting periods and the amount calculated in relation to the tax relief is included within the corporation tax charge for the year.

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

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.

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and amounts owed to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, that the future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Invoice discounting
The company had entered into an invoice discounting arrangement. The gross amount of invoice debtors are included within current assets, and the liabilities include an amount in respect of proceeds received from the finance provider. The provider's service charge is recognised as it accrues and included in the profit and loss account as bank charges.

Classification of financial liabilities
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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade, other creditors and intercompany loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled. or they expire.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. 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.

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 48 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 808,097 2,435 156,235 88,343 1,055,110
Additions - - 20,149 - 20,149
Disposals - - (24,500 ) - (24,500 )
At 30 June 2024 808,097 2,435 151,884 88,343 1,050,759
DEPRECIATION
At 1 July 2023 236,445 1,674 45,296 82,301 365,716
Charge for year 82,543 304 31,016 1,498 115,361
Eliminated on disposal - - (8,167 ) - (8,167 )
At 30 June 2024 318,988 1,978 68,145 83,799 472,910
NET BOOK VALUE
At 30 June 2024 489,109 457 83,739 4,544 577,849
At 30 June 2023 571,652 761 110,939 6,042 689,394

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 30,341
DEPRECIATION
At 1 July 2023 7,585
Charge for year 5,057
At 30 June 2024 12,642
NET BOOK VALUE
At 30 June 2024 17,699
At 30 June 2023 22,756

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 872,724 935,206
Amounts owed by group undertakings 2,552,262 659,841
Amounts recoverable on contracts 34,860 30,213
Other debtors - 3,903
Tax 77,364 -
Prepayments 95,754 107,549
Proceeds of factored debts 1,264 12,877
3,634,228 1,749,589

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 3,913 3,680
Trade creditors 738,722 868,949
Tax 116,807 153,922
Social security and other taxes 32,859 32,493
VAT 123,891 78,333
Other creditors 3,887 1,517
Directors' loan accounts 97 289
Accrued expenses 115,438 131,797
1,135,614 1,270,980

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 15,528 19,441

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase - 2,393

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,913 3,680
Between one and five years 15,528 17,048
In more than five years - 2,393
19,441 23,121

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 169,475 97,749
Between one and five years 651,977 390,997
In more than five years 132,803 109,547
954,255 598,293

The company was committed to leasing premises in Bristol at an annual rate of £250,000 until 24 March 2023. From that date the property was occupied on an 'at will' basis until the property was acquired by Cornwall Group Limited shortly after the year end.

The remaining lease commitments consist of leasing lorries and motor vehicles under operating lease arrangements with variable cessation dates.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 19,441 23,121
Company credit card 3,887 1,517
23,328 24,638

Factoring proceeds and a company credit card facility are secured by way of a fixed and floating charge over various properties and other assets and a cross guarantee with other group companies.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Pearce FCA (Senior Statutory Auditor)
for and on behalf of TC Group

12. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 20,149

The capital commitment in 2023 related to a motor vehicle which had been ordered prior to the year end and acquired thereafter.

13. 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.

MACKENZIE GLASS LIMITED (REGISTERED NUMBER: 10942433)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. RELATED PARTY DISCLOSURES - continued

A range of properties owned by the controlling director have been provided as security to the bank.

The company considers the three directors employed by the company during the year to be the key management personnel and their remuneration is disclosed in the notes to the financial statements.

14. ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders of the parent company, Cornwall Group Limited.

That company is controlled by M J Mitchell who together with his spouse controls 100% of the issued share capital.