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REGISTERED NUMBER: 07920635 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

CORNWALL GLASS & GLAZING LIMITED

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)






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


CORNWALL GLASS & GLAZING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M J Mitchell
P D Garrard
B P Gazzard





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





REGISTERED NUMBER: 07920635 (England and Wales)





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

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 160,686 188,390

CURRENT ASSETS
Stocks 138,068 126,639
Debtors 6 1,590,323 685,872
Cash at bank and in hand 157,596 820,392
1,885,987 1,632,903
CREDITORS
Amounts falling due within one year 7 (623,185 ) (620,522 )
NET CURRENT ASSETS 1,262,802 1,012,381
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,423,488

1,200,771

PROVISIONS FOR LIABILITIES 10 (12,928 ) (21,611 )
NET ASSETS 1,410,560 1,179,160

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,410,460 1,179,060
SHAREHOLDERS' FUNDS 1,410,560 1,179,160

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


CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

1. STATUTORY INFORMATION

Cornwall Glass & Glazing 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 £1.41m 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.

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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.

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.

BuildingsFreehold- 2% on cost less residual value
Leasehold- Amortised over the lease term

Plant and machinery etc- 8% - 33% on cost

For assets transferred as part of the group restructuring exercise in 2020, the rate of depreciation is based on the original cost of the assets transferred.

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.

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

3. ACCOUNTING POLICIES - continued

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 credit 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.

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, 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.

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2023 - 62 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2023 100,589 83,049 30,668
Additions 30,000 - -
Disposals - - -
At 30 June 2024 130,589 83,049 30,668
DEPRECIATION
At 1 July 2023 37,497 68,294 12,046
Charge for year 10,691 9,780 3,462
Eliminated on disposal - - -
At 30 June 2024 48,188 78,074 15,508
NET BOOK VALUE
At 30 June 2024 82,401 4,975 15,160
At 30 June 2023 63,092 14,755 18,622

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 261,944 22,261 498,511
Additions - - 30,000
Disposals (24,145 ) - (24,145 )
At 30 June 2024 237,799 22,261 504,366
DEPRECIATION
At 1 July 2023 184,753 7,531 310,121
Charge for year 24,572 1,590 50,095
Eliminated on disposal (16,536 ) - (16,536 )
At 30 June 2024 192,789 9,121 343,680
NET BOOK VALUE
At 30 June 2024 45,010 13,140 160,686
At 30 June 2023 77,191 14,730 188,390

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 242,087 305,996
Amounts owed by group undertakings 1,138,657 373,415
Amounts recoverable on contracts 186,593 4,786
Tax 22,000 -
Prepayments 986 1,675
1,590,323 685,872

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 85,391 138,799
Amounts owed to group undertakings 80,424 134,418
Tax - 43,900
Social security and other taxes 36,732 39,736
VAT 145,936 104,257
Other creditors 5,976 3,507
Directors' current accounts 749 -
Directors' loan accounts - 1,154
Accruals and deferred income 267,977 154,751
623,185 620,522

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 93,203 93,203
Between one and five years 324,480 336,563
In more than five years 94,640 162,241
512,323 592,007

The company is commitment to leasing a property occupied under a formal lease, and includes the commitment remaining over the entire lease term. No commitment is disclosed for property occupied under a tenancy at will.

The remaining lease commitments consists of leasing vans under operating lease arrangements with a range of cessation dates.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Company credit card 5,976 3,507

The company credit card facility is secured by way of a cross guarantee with other group companies.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 12,928 21,611

Deferred
tax
£   
Balance at 1 July 2023 21,611
Accelerated capital allowances (8,683 )
Balance at 30 June 2024 12,928

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. 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.

CORNWALL GLASS & GLAZING LIMITED (REGISTERED NUMBER: 07920635)

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

12. RELATED PARTY DISCLOSURES - continued

The company rented premises from the controlling director's pension scheme and family trust at a combined rent of £116,433 (2023: £113,283).

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

The company considers the three (2023: 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.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr M J Mitchell who together with his spouse controls 100% of the parent company Cornwall Group Limited.