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REGISTERED NUMBER: 08625743 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

CORNWALL GLASS (MANUFACTURING) LIMITED

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 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


CORNWALL GLASS (MANUFACTURING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M J Mitchell
M Norcliffe
A J Herdman
M J Knight
S J Bunney
S R Marques





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





REGISTERED NUMBER: 08625743 (England and Wales)





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

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
Reflecting over the last 12 trading months, it has been a challenging year as we continue to witness a softening market, where prices have fallen back, demand weakened whilst many overheads continue to rise. Energy costs whilst beginning to settle into less volatile rates are still significantly higher than 3 years ago, but thankfully looking forward are substantially lower than the previous 18 months, which will shortly filter through into our P&L. This will have a welcomed effect towards what has been a roller coaster of a 3 year trading period.

Throughout the business we continue to balance a 5 - 10 year horizon regarding investment and strategic growth. Our uncomplicated ownership structure, ongoing family independence, and unrivalled Board stability and experience allows us to remain a formidable competitor, able to partner with global players. Much of our industry has seen consolidation since the Pandemic, a growing amount of private equity and venture capitalist money being spent and invested amongst several of our regional and national competitors.

Our philanthropic endeavours continue with further measurable donations into our very own Charitable Fund, made by the Group during a 12 month period. Providing a lasting and meaningful legacy for our local communities.

FUTURE DEVELOPMENTS
We anticipate in the coming 12 months that a further £1.5m will be invested throughout the business, predominately in specialist glass processing equipment. Our St Austell branch looks forward to the Autumn of 2025 when we will see the arrival of a new toughening plant, enhancing both our offering and environmental credentials.

As we look forward to our next trading year, we are aware of the continuing fragility of the economy, the ongoing conflicts in both Ukraine and the Middle East, whilst the cost of borrowing looks set to soften and inflation continues to be brought under control. We see opportunity for some organic growth in the coming trading year, but this will be very modest. Exploring further strategic acquisitions remain of interest.

A shrinking talent pool of experienced and skilled employees within our industry continues to reinforce our strong belief in Apprentices, and our business continues to embrace having at least 10% of our colleagues and team on our Apprenticeship Journey at any one time.

The current Board of Directors have the capacity and desire to explore acquisitions and continue to monitor opportunities within our industry where we can see a natural, geographical and commercially viable fit.

As we approach the huge milestone of 50 years of trading in 2028 there is much to be optimistic about and we continue to remain alert, motivated and agile in matters of new products, investments and training initiatives.

KEY PERFORMANCE INDICATORS
The Board of Directors regularly meet to discuss the state of the economy, competitor activity and general market conditions. Frequent, relevant benchmarking is undertaken with both key accounts and relevant competitors.

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

2024 2023

Turnover £ 12,862,010 13,938,906
Gross profit £ 5,412,304 6,075,627
Gross profit Percentage 42.1 43.6


CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The vast majority of supplier contracts are fixed and provide a reasonable level of stability. We value and keep close to our key suppliers to continue providing all our stakeholders a sustainable and stable working environment.

As the businesses large freehold factories are owned within the Group and Shareholder family the rental overheads and related costs are assured to be commercially viable and stable.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


24 October 2024

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of glass manufacturing services.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

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.

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

M J Mitchell
M Norcliffe
A J Herdman
M J Knight
S J Bunney
S R Marques

DONATIONS
During the year the company made charitable donations to the Devon Community Foundation in the sum of £1,200 (2023: £3,400) and other charitable donations of £1,110 (2023: £58).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, TC Group, 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
CORNWALL GLASS (MANUFACTURING) LIMITED

Opinion
We have audited the financial statements of Cornwall Glass (Manufacturing) Limited (the 'company') for the year 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 year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GLASS (MANUFACTURING) 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
CORNWALL GLASS (MANUFACTURING) 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.

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
CORNWALL GLASS (MANUFACTURING) 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.




Mr J Pearce (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

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 12,862,010 13,938,906

Cost of sales (7,449,706 ) (7,863,279 )
GROSS PROFIT 5,412,304 6,075,627

Distribution costs (904,632 ) (889,341 )
Administrative expenses (4,110,336 ) (4,255,065 )
397,336 931,221

Other operating income 30,452 36,569
OPERATING PROFIT 7 427,788 967,790

Interest receivable and similar income 14,043 -
441,831 967,790

Interest payable and similar expenses 8 (49,689 ) (11,343 )
PROFIT BEFORE TAXATION 392,142 956,447

Tax on profit 9 44,603 (193,978 )
PROFIT FOR THE FINANCIAL YEAR 436,745 762,469

Retained earnings at beginning of year 2,329,713 1,567,244

RETAINED EARNINGS AT END OF
YEAR

2,766,458

2,329,713

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 2,525,903 1,840,397

CURRENT ASSETS
Stocks 11 544,619 540,420
Debtors 12 3,880,990 2,500,323
Cash at bank and in hand 2,865 938,254
4,428,474 3,978,997
CREDITORS
Amounts falling due within one year 13 (2,314,512 ) (2,583,725 )
NET CURRENT ASSETS 2,113,962 1,395,272
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,639,865

3,235,669

CREDITORS
Amounts falling due after more than one
year

14

(997,057

)

(318,126

)

PROVISIONS FOR LIABILITIES 17 (875,350 ) (586,830 )
NET ASSETS 2,767,458 2,330,713

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 2,766,458 2,329,713
SHAREHOLDERS' FUNDS 2,767,458 2,330,713

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 (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

1. STATUTORY INFORMATION

Cornwall Glass (Manufacturing) 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 £2.77m at the balance sheet date. The company is exposed to risks including credit risk and other 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.

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.

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 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.

Provision for warranty
The company sells double glazed units with a warranty of up to 5 years. Based on the expected costs of rectifying claims under warranty and the experience of claims in the previous 5 years, the company estimates the expected future cost based on current levels of production and the history of previous claims, and this is adjusted annually.

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 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 manufacturing 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.

BuildingsLeasehold- Amortised over the lease term

Plant and machinery etc- 8% - 50% 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.

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

3. ACCOUNTING POLICIES - continued

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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 credit for the year.

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.

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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.

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, intercompany loans, and asset finance agreements 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.

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 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
2024 2023
£    £   
Wages and salaries 3,520,329 3,480,642
Social security costs 308,327 312,135
Other pension costs 242,069 238,287
4,070,725 4,031,064

The average number of employees during the year was as follows:
2024 2023

Management 6 6
Staff 128 133
134 139

6. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 340,035 314,499
Directors' pension contributions to money purchase schemes 24,452 23,011

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

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 85,981 78,687
Pension contributions to money purchase schemes 6,019 5,508

7. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 14,055 16,387
Other operating leases 46,636 17,308
Depreciation - owned assets 137,982 115,895
Depreciation - assets on hire purchase contracts 259,051 232,190
Profit on disposal of fixed assets (8,417 ) (3,750 )
Auditors' remuneration 12,120 11,120

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 49,689 11,343

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (252,234 ) 124,957

Deferred tax 207,631 69,021
Tax on profit (44,603 ) 193,978

UK corporation tax has been charged at 25% (2023 - 20.50%).

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

2024 2023
£    £   
Profit before tax 392,142 956,447
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

98,036

196,072

Effects of:
Expenses not deductible for tax purposes - 40
Capital allowances in excess of depreciation (207,199 ) (65,496 )
Adjustments to tax charge in respect of previous periods (252,234 ) (5,659 )
Deferred tax - accelerated capital allowances 207,631 69,021
Group relief 109,163 -
Total tax (credit)/charge (44,603 ) 193,978

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2023 34,623 2,919,330 17,956
Additions - 1,082,539 -
At 30 June 2024 34,623 4,001,869 17,956
DEPRECIATION
At 1 July 2023 4,992 1,365,833 16,853
Charge for year 1,731 346,431 477
At 30 June 2024 6,723 1,712,264 17,330
NET BOOK VALUE
At 30 June 2024 27,900 2,289,605 626
At 30 June 2023 29,631 1,553,497 1,103

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 448,234 9,071 3,429,214
Additions - - 1,082,539
At 30 June 2024 448,234 9,071 4,511,753
DEPRECIATION
At 1 July 2023 192,068 9,071 1,588,817
Charge for year 48,394 - 397,033
At 30 June 2024 240,462 9,071 1,985,850
NET BOOK VALUE
At 30 June 2024 207,772 - 2,525,903
At 30 June 2023 256,166 - 1,840,397

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 1,665,249 258,241 1,923,490
Additions 1,000,000 - 1,000,000
Reclassification/transfer 170,000 - 170,000
At 30 June 2024 2,835,249 258,241 3,093,490
DEPRECIATION
At 1 July 2023 893,041 123,169 1,016,210
Charge for year 229,849 29,202 259,051
Reclassification/transfer 1,417 - 1,417
At 30 June 2024 1,124,307 152,371 1,276,678
NET BOOK VALUE
At 30 June 2024 1,710,942 105,870 1,816,812
At 30 June 2023 772,208 135,072 907,280

11. STOCKS
2024 2023
£    £   
Stocks 544,619 540,420

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,793,949 1,731,171
Amounts owed by group undertakings 1,639,225 279,537
Amounts recoverable on contracts 87,924 112,063
Other debtors 22,323 -
Directors' loan accounts 1,481 4,081
Tax 260,872 -
Prepayments 75,216 345,159
Proceeds of factored debt - 28,312
3,880,990 2,500,323

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 312,773 182,509
Trade creditors 880,394 1,297,555
Proceeds of factored debt 536,559 -
Amounts owed to group undertakings 21,562 174,320
Tax - 62,616
Social security and other taxes 74,412 75,139
VAT 235,825 227,497
Other creditors 1,229 1,181
Directors' current accounts 3,002 2,942
Accrued expenses 248,756 559,966
2,314,512 2,583,725

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 997,057 318,126

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 312,773 182,509
Between one and five years 732,971 318,126
In more than five years 264,086 -
1,309,830 500,635

Non-cancellable operating leases
2024 2023
£    £   
Within one year 231,556 160,000
Between one and five years 537,959 480,000
In more than five years - 120,000
769,515 760,000

Operating lease commitments relate to leased property and vehicles. No disclosure is made for property occupied under a tenancy at will.

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 1,309,830 500,635
Company credit card 1,228 1,181
Proceeds of factored debts 536,559 -
1,847,617 501,816

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.

Liabilities under hire purchase contracts are secured on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 470,503 262,872
Warranty provision 404,847 323,958
875,350 586,830

Deferred Warranty
tax provision
£    £   
Balance at 1 July 2023 262,872 323,960
Charge to Statement of Comprehensive Income during year - 80,887
Accelerated capital allowances 207,631 -
Balance at 30 June 2024 470,503 404,847

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

19. RESERVES
Retained
earnings
£   

At 1 July 2023 2,329,713
Profit for the year 436,745
At 30 June 2024 2,766,458

CORNWALL GLASS (MANUFACTURING) LIMITED (REGISTERED NUMBER: 08625743)

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

20. ULTIMATE PARENT COMPANY

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

21. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 1,170,320

At the previous year end the company expected to acquire plant and machinery and computer software at a cost of £1,159,360 and £10,960 respectively, where orders had been placed and deposits were paid prior to the year end. The assets were acquired in 2024.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
S R Marques
Balance outstanding at start of year 4,081 7,406
Amounts repaid (2,600 ) (3,325 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,481 4,081

23. 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.

The company rented premises from the controlling director's pension scheme at a rent of £123,500 (2023: £123,500).

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

The company considers the six (2023: six) 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.

In addition to the amounts shown as due to the company under Directors Advances and Credits, four other directors are owed the combined sum of £3,002 (2023: £2,942) by the company relating to their expenses.


24. ULTIMATE CONTROLLING PARTY

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