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REGISTERED NUMBER: 02515619 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

FOR

FORWARD GLASS LIMITED

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Notes to the Financial Statements 12


FORWARD GLASS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024







DIRECTORS: S P Gwilliam
M J Mitchell
T S Julian
K E Bunt
M I Herbert
M J Prowse



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



REGISTERED NUMBER: 02515619 (England and Wales)



SENIOR STATUTORY AUDITOR: James Pearce FCA



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

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

The directors present their strategic report for the period 1 January 2023 to 30 June 2024.

REVIEW OF BUSINESS
Having been acquired by Cornwall Group Ltd in December 2023, Forward Glass is beginning to benefit from many new practices and systems, including significant investment. During the last 6 months of our trading year we have worked hard to integrate this business into our wider Group and have, to date, committed some £2.5m of investment in property, key machinery, specialist vehicles and new IT systems.

We have significantly increased our product range and services that we offer to our established customer base. Now, we believe, offering the widest range of glass stocks in the UK.

We have experienced some unsustainable competition in the way of loss making prices and remain confident that this will shortly return to more commercially viable rates for the wider market place, which can only be a good and realistic proposition as we look to reinforce our commitment to both investment and running a sustainable business.

We have invested much time and effort in our recycling abilities and volumes.

FUTURE DEVELOPMENTS
We are very excited to shortly adopt the Groups Apprenticeship Journey within our business, keeping a keen eye on colleagues personal development whilst identifying the Team Leaders, Managers and potential Directors of the future.

Strategically the Directors have set themselves an ambitious target of integrating the business fully into the wider Group within a 3 year period.

Whilst the Board is very hands on and fully engaged with the operational side of the business day to day, there exists a desire and wider capacity to explore further expansion and acquisitions which may present themselves in the fullness of time.

The business looks forward to the first of its new toughening plants arriving in the Spring of 2025. This will provide an enhanced offering with immediate effect from commissioning.

KEY PERFORMANCE INDICATORS
The Board use a wide range of financial and non-financial KPI's to assess and monitor the performance of the business.

The turnover and profitability of the company in the period was as follows:

2024 2022

Turnover £ 14,521,451 11,726,022
Gross profit £ 5,496,067 4,584,253
Gross profit Percentage 37.8 39.1


FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
With the parent Group owning all the properties it operates from currently including at Forward Glass we have the comfort and stability that this provides being both the landlord and tenant.

Significant overheads such as Energy are carefully contracted for a sufficient period to iron out any ongoing volatility in the Eastern European and Middle East areas in particular.

In the coming 12 months we anticipate strengthening the Board and overall operational team.

The introduction of both Senior Management Team meetings and Board meetings each quarter provide improved communication and team ethos.

Benchmarking data is shared regularly amongst Directors allowing us to compare performance within the wider marketplace.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


24 October 2024

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

The directors present their report with the financial statements of the company for the period 1 January 2023 to 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of the supply of glass products and the processing of glass.

DIVIDENDS
An interim dividend of £2 per share was paid on 29 November 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 30 June 2024 will be £ 1,200,000 .

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.

DIRECTORS
S P Gwilliam has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

M R Weston Smith - resigned 30 November 2023
M J Mitchell - appointed 30 November 2023
T S Julian - appointed 30 November 2023
K E Bunt - appointed 30 November 2023
M I Herbert - appointed 30 November 2023
M J Prowse - appointed 30 November 2023

DISCLOSURE IN THE STRATEGIC REPORT
Future developments affecting the company are disclosed in the Strategic Report.

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.

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, having been appointed on 30 November 2023, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


24 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORWARD GLASS LIMITED

Opinion
We have audited the financial statements of Forward Glass Limited (the 'company') for the period ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the period 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
FORWARD GLASS 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORWARD GLASS LIMITED


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
FORWARD GLASS 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.




James Pearce FCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

30 October 2024

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

Period
1/1/23
to Year Ended
30/6/24 31/12/22
Notes £    £   

TURNOVER 4 14,521,451 11,726,022

Cost of sales (9,025,384 ) (7,141,769 )
GROSS PROFIT 5,496,067 4,584,253

Distribution costs (610,297 ) (460,249 )
Administrative expenses (3,388,723 ) (2,189,481 )
1,497,047 1,934,523

Other operating income - 1,754
OPERATING PROFIT 7 1,497,047 1,936,277

Interest receivable and similar income 59,715 24,156
PROFIT BEFORE TAXATION 1,556,762 1,960,433

Tax on profit 8 (278,509 ) (375,509 )
PROFIT FOR THE FINANCIAL PERIOD 1,278,253 1,584,924

Retained earnings at beginning of period 1,609,208 7,984,284

Dividends 9 (1,200,000 ) (7,960,000 )

RETAINED EARNINGS AT END OF
PERIOD

1,687,461

1,609,208

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

BALANCE SHEET
30 JUNE 2024

2024 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 180,034 255,118

CURRENT ASSETS
Stocks 11 490,694 834,934
Debtors 12 2,551,598 1,457,523
Cash at bank 24,048 1,921,331
3,066,340 4,213,788
CREDITORS
Amounts falling due within one year 13 (934,565 ) (2,219,044 )
NET CURRENT ASSETS 2,131,775 1,994,744
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,311,809

2,249,862

PROVISIONS FOR LIABILITIES 16 (24,348 ) (40,654 )
NET ASSETS 2,287,461 2,209,208

CAPITAL AND RESERVES
Called up share capital 17 600,000 600,000
Retained earnings 18 1,687,461 1,609,208
SHAREHOLDERS' FUNDS 2,287,461 2,209,208

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


FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

1. STATUTORY INFORMATION

Forward 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" 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 company together with the factors likely to affect its future development, performance and financial position are set out in the Strategic Report. The company has net assets of £2.29m at the balance sheet date. The company is exposed to various 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.

Change of year end
The period covered by the accounts is the 18 month period to 30 June 2024. The company changed its period end in order to align with that of its new parent company as of 30 November 2023. The comparative figures cover the year to 31 December 2022 and therefore cover a shorter period than the current figures.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

The company has taken advantage of the requirement to prepare a cashflow and from making other disclosures as it is part of a group that prepares consolidated accounts. The parent company is Cornwall Group Limited and a copy of its financial statements can be obtained from Companies House.

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

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.

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 glass-related 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 typically occurs when goods are dispatched to a customer.

When the outcome of a contract for glass processing services can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.

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 - 12.5% - 16.67% on cost
Fixtures and fittings- 25% on cost
Motor vehicles- 25% on cost

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.

Government grants
Government grants relating to revenue expenditure are recognised in the profit and loss account in the period in which the relevant costs are incurred.

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


FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 period 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.

Hire purchase and leasing commitments
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.

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 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.

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 and 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.

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.

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.

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

5. EMPLOYEES AND DIRECTORS
Period
1/1/23
to Year Ended
30/6/24 31/12/22
£    £   
Wages and salaries 4,113,651 2,828,028
Social security costs 381,747 278,756
Other pension costs 103,493 112,148
4,598,891 3,218,932

The average number of employees during the period was as follows:
Period
1/1/23
to Year Ended
30/6/24 31/12/22

Management and administration 18 17
Sales 2 3
Production and distribution 84 86
104 106

6. DIRECTORS' EMOLUMENTS
Period
1/1/23
to Year Ended
30/6/24 31/12/22
£    £   
Directors' remuneration 245,153 266,038
Directors' pension contributions to money purchase schemes 12,123 52,319

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

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
Period
1/1/23
to Year Ended
30/6/24 31/12/22
£    £   
Emoluments etc 120,153 125,000
Pension contributions to money purchase schemes 12,007 -

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

7. OPERATING PROFIT

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

Period
1/1/23
to Year Ended
30/6/24 31/12/22
£    £   
Hire of plant and machinery 98,827 108,744
Other operating leases 9,777 -
Depreciation - owned assets 127,893 116,562
Profit on disposal of fixed assets (9,045 ) (1,900 )
Auditors' remuneration 16,900 5,000
Foreign exchange differences 4 (5 )

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1/1/23
to Year Ended
30/6/24 31/12/22
£    £   
Current tax:
UK corporation tax 390,812 353,238
Overprovision in prior year (95,997 ) (1,087 )
Total current tax 294,815 352,151

Deferred tax (16,306 ) 23,358
Tax on profit 278,509 375,509

UK corporation tax has been charged at 25% .

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

8. TAXATION - continued

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

Period
1/1/23
to Year Ended
30/6/24 31/12/22
£    £   
Profit before tax 1,556,762 1,960,433
Profit multiplied by the standard rate of corporation tax in the UK of
24.021% (2022 - 19%)

373,950

372,482

Effects of:
Expenses not deductible for tax purposes 1,194 -
Capital allowances in excess of depreciation - (18,883 )
Depreciation in excess of capital allowances 15,668 -
Adjustments to tax charge in respect of previous periods (95,997 ) (1,448 )
Deferred tax (16,306 ) 23,358
Total tax charge 278,509 375,509

9. DIVIDENDS
Period
1/1/23
to Year Ended
30/6/24 31/12/22
£    £   
Ordinary shares of £1 each
Interim 1,200,000 7,960,000

10. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 2,291,631 27,114 75,912 2,394,657
Additions 51,591 - 1,218 52,809
Disposals (49,087 ) - - (49,087 )
At 30 June 2024 2,294,135 27,114 77,130 2,398,379
DEPRECIATION
At 1 January 2023 2,038,150 27,114 74,275 2,139,539
Charge for period 126,564 - 1,329 127,893
Eliminated on disposal (49,087 ) - - (49,087 )
At 30 June 2024 2,115,627 27,114 75,604 2,218,345
NET BOOK VALUE
At 30 June 2024 178,508 - 1,526 180,034
At 31 December 2022 253,481 - 1,637 255,118

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

11. STOCKS
2024 2022
£    £   
Raw materials and consumables 490,694 834,934

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 1,237,087 1,433,348
Amounts owed by group undertakings 1,187,443 -
Amounts recoverable on contracts 31,629 4,639
Other debtors 740 500
Prepayments 94,699 19,036
2,551,598 1,457,523

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade creditors 496,608 231,279
Proceeds of factored debts 13,418 -
Amounts owed to group undertakings 15,446 -
Amounts owed to participating interests - 1,500,000
Tax 23,513 131,175
Social security and other taxes 48,574 66,186
VAT 131,946 43,068
Other creditors 66,047 12,024
Accrued expenses 139,013 235,312
934,565 2,219,044

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2022
£    £   
Within one year 35,485 -
Between one and five years 283,884 -
In more than five years 177,427 -
496,796 -

The operating lease commitment relates to vehicles for which a contract hire agreement was entered into prior to the year end, and delivery is expected during the following financial year at which point rental payments will commence.

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2022
£    £   
Proceeds of factored debts 13,418 -

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

16. PROVISIONS FOR LIABILITIES
2024 2022
£    £   
Deferred tax 24,348 40,654

Deferred
tax
£   
Balance at 1 January 2023 40,654
Accelerated capital allowances (16,306 )
Balance at 30 June 2024 24,348

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
600,000 Ordinary £1 600,000 600,000

18. RESERVES
Retained
earnings
£   

At 1 January 2023 1,609,208
Profit for the period 1,278,253
Dividends (1,200,000 )
At 30 June 2024 1,687,461

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions charged to the profit and loss account in the period amounted to £103,493 (2022: £112,148). There are no outstanding contributions at the period end.

FORWARD GLASS LIMITED (REGISTERED NUMBER: 02515619)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

20. ULTIMATE PARENT COMPANY

Cornwall Group Limited is regarded by the directors as being the company's ultimate parent company.

The registered office address of Cornwall Group Limited is Old Mansion House, 9 Quay Street, TRURO, Cornwall, TR1 2HE. Copies of the group accounts can be obtained from Companies House, Crown Way, CARDIFF, CF14 3UZ.

21. 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.

On 30 November 2023, the shares previously owned by Forward Glass Group Limited, a company under the control of a former director and shareholder of this company, were sold to Cornwall Group Limited. Cornwall Group Limited became the ultimate parent company on that date.

Prior to the share transfer, a dividend in specie of £1,200,000 comprising of an intercompany loan creditor to Forward Glass Group Limited was declared, and the loan was settled in full. At the previous year end, the company owed £1,500,000 to Forward Glass Group Limited, a loan which was unsecured, repayable on demand and free of interest. During the previous year a dividend of £7,960,000 was paid.

During the period the company rented its premises at a cost of £305,000 (2022: £180,000) and leased plant and machinery at a cost of £99,000 (2022: £108,000) from Forging Forward Limited, a company that was previously under the significant influence of the shareholders of Forward Glass Group Limited. Forging Forward Limited was acquired by Cornwall Group Limited on 30 November 2023. During the period, Forging Forward Limited transferred its plant and machinery to this company for proceeds of £1.

The company considers its directors to be the key management personnel, and their remuneration is disclosed in the notes to the accounts.

22. ULTIMATE CONTROLLING PARTY

The controlling party is M J Mitchell.