Year Ended
Registration number:
Camel Glass & Joinery (Holdings) Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Camel Glass & Joinery (Holdings) Limited
Company Information
Directors |
Mr M Jones Mr T J Jones Mr A Oakes Mr M Oakes |
Registered office |
|
Auditors |
|
Camel Glass & Joinery (Holdings) Limited
Strategic Report
Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the group is glaziers and joiners.
Fair review of the business
Turnover has decreased slightly as a result of a general decrease in demand in the current economy as well as a decrease in the previously high levels of property development in relation to second homes and holiday rentals following the Covid pandemic. This year's results include 12 months of the investment in associates (2023 - 3 months) which mitigated the decrease in turnover and resulted in profit before tax decreasing to £2,042,829 (2023 - £2,243,477).
The group's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£000 |
15,144 |
15,926 |
Gross profit margin |
% |
26 |
30 |
The directors also review other Key Performance Indicators (KPIs) such as lead times, order book values and staff turnover. These indicators help the directors to maintain profitability and positive operating cash flows. The disclosure of these KPIs is deemed to be prejudicial to the interests of the group.
Principal risks and uncertainties
The principal risks for the group continue to be that of an economic downturn and a contraction of the construction industry.
Approved by the
......................................... |
Camel Glass & Joinery (Holdings) Limited
Directors' Report
Year Ended 31 March 2024
The directors present their report and the for the year ended 31 March 2024.
Directors of the group
The directors who held office during the year were as follows:
Financial risk management objectives and policies
The Group is exposed to a variety of financial risks, the most significant of which are price and credit risk. The financial instruments and performance are carefully monitored to ensure that there is little or no liquidity risk and that payments to creditors are made as and when they fall due. The policies are set by the Directors and implemented by the Head of Finance.
Price risk, credit risk, liquidity risk and cash flow risk
Increasing supplier prices are always a risk which is mitigated by increasing customer prices accordingly. Payment plans for customers and credit monitoring help reduce the risk of customer default. Long term cash flow forecasts and monthly cash flow reports are produced to monitor liquidity.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
......................................... |
Camel Glass & Joinery (Holdings) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Camel Glass & Joinery (Holdings) Limited
Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited
Opinion
We have audited the financial statements of Camel Glass & Joinery (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 March 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
Camel Glass & Joinery (Holdings) Limited
Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 4, 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 is 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Camel Glass & Joinery (Holdings) Limited
Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited
Auditor’s 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 an auditor’s report 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company.
As part of this, we reviewed the company’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”) . We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive identified is to meet the targets set by the group and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud, of which there were none.
- Review of the group’s GDPR policy and enquiries to the Data Protection Officer as to the occurrence and outcome of any reportable breaches;
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Camel Glass & Joinery (Holdings) Limited
Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
......................................
Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Camel Glass & Joinery (Holdings) Limited
Consolidated Profit and Loss Account
Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
(4) |
|
Share of profit of equity accounted investees |
|
|
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit attributable to: |
|||
Owners of the company |
|
|
The group has no recognised gains or losses for the year other than the results above.
Camel Glass & Joinery (Holdings) Limited
Consolidated Balance Sheet
31 March 2024
Note |
2024 |
(As restated) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
615,500 |
615,500 |
|
Capital redemption reserve |
2,584,616 |
2,584,616 |
|
Profit and loss account |
4,062,550 |
2,437,399 |
|
Equity attributable to owners of the company |
7,262,666 |
5,637,515 |
|
Shareholders' funds |
7,262,666 |
5,637,515 |
Approved and authorised by the
......................................... |
Company Registration Number: 08959161
Camel Glass & Joinery (Holdings) Limited
Balance Sheet
31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Capital and reserves |
|||
Called up share capital |
615,500 |
615,500 |
|
Capital redemption reserve |
2,584,616 |
2,584,616 |
|
Shareholders' funds |
3,200,116 |
3,200,116 |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £22,150 (2023 - profit of £1,004,622).
Approved and authorised by the
......................................... |
Company Registration Number: 08959161
Camel Glass & Joinery (Holdings) Limited
Consolidated Statement of Changes in Equity
Year Ended 31 March 2024
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 April 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2024 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 April 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Redemption of preference shares |
- |
604,616 |
(604,616) |
- |
At 31 March 2023 (As restated) |
615,500 |
2,584,616 |
2,437,399 |
5,637,515 |
Camel Glass & Joinery (Holdings) Limited
Statement of Changes in Equity
Year Ended 31 March 2024
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 April 2023 |
|
|
- |
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 March 2024 |
|
|
- |
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 April 2022 |
|
|
- |
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Redemption of preference shares |
- |
604,616 |
(604,616) |
- |
At 31 March 2023 |
615,500 |
2,584,616 |
- |
3,200,116 |
Camel Glass & Joinery (Holdings) Limited
Consolidated Statement of Cash Flows
Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
- |
|
|
Share of profit/loss of equity accounted investees |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Decrease/(increase) in trade debtors |
|
( |
|
Decrease in trade creditors |
( |
( |
|
Increase/(decrease) in provisions |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of investments in joint ventures and associates |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
- |
( |
|
Redemption of shares classified as liabilities |
- |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
4,864,426 |
4,031,768 |
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Entities, other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence are treated as associates. In the group financial tatements, associates are accounted for using the equity method.
Judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience. |
Any estimates and underlying assumptions used by management such as for the warranty provision are reviewed on an ongoing basis. Any revision deemed to be required to any accounting estimates would be recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
Warranty provision
The Group provides a 10 year guarantee on products. The Group recognises a provision for estimated warranty costs expected to be incurred for warranties in place at the balance sheet. This is informed by the costs incurred for chargeable warranty work carried out in the year and sales with outstanding warranties. The carrying value of the provision at year end is £476,523.
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Amounts recoverable on contracts and deferred payments on account
The Group recognises revenue, costs and profit based on the stage of completion, once jobs are deemed to have reached a stage where completion is guaranteed. This is calculated on a job by job basis and is derived using the proportion of costs incurred compared to the budgeted total costs. Revenue is then recognised at the same proportion as costs. At the balance sheet date the Group had recognised £912,529 of amounts recoverable on contracts.
All stage payments are deferred as payments on account until the point at which the job is recognised based on the above criteria. At the balance sheet date there were payments on account of £1,535,871 deferred.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of these contracts is recognised by reference to the stage of completion.
The value of the contracts for on-going services comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Any amounts not invoiced are separately disclosed in debtors as amounts recoverable on long term contracts.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
10% straight line |
Furniture, fittings and equipment |
10 - 33% straight line |
Other property, plant and equipment |
10 - 20% straight line |
Motor vehicles |
20% straight line |
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Warranty provision
The company offers customers a 10 year guarantee on products supplied. A provision is recognised for the expected costs of future warranty work to be performed as at the year end date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
The analysis of the group's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Sub lease rental income |
|
|
Miscellaneous other operating income |
|
|
|
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - other |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production, administration and support |
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
136,862 |
205,871 |
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
- |
|
Auditor's remuneration |
2024 |
2023 |
|
Audit of these financial statements |
1,500 |
1,500 |
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
7,500 |
7,500 |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense on other finance liabilities |
- |
|
Taxation |
Tax charged in the profit and loss account
2024 |
Unaudited |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
UK deferred tax credit relating to changes in tax rates or laws |
- |
( |
Decrease from effect of tax incentives |
- |
( |
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
2024 |
Liability |
Timing differences |
|
|
2023 |
Liability |
Timing differences |
|
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Intangible assets |
Group
Goodwill |
|
Cost or valuation |
|
At 1 April 2023 |
|
At 31 March 2024 |
|
Amortisation |
|
At 1 April 2023 |
|
Amortisation charge |
|
At 31 March 2024 |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
|
|
At 31 March 2023 |
|
|
|
|
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Included within the net book value of land and buildings above is £259,344 (2023 - £52,291) in respect of freehold land and buildings.
Investments |
Group
Details of undertakings
2024 |
(As restated) |
|
Investments in associates |
|
|
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2023 |
|
At 31 March 2024 |
|
Provision |
|
At 1 April 2023 |
- |
At 31 March 2024 |
- |
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Group and Company
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Palmers Way
England and Wales |
|
|
|
Associates |
||||
|
Francis Clark LLP
|
Ordinary |
|
|
United Kingdom |
||||
|
Camel Glass & Joinery Limited
|
Ordinary |
|
|
United Kingdom |
* indicates direct investment of the company
Subsidiary undertakings |
Camel Glass & Joinery Limited * The principal activity of Camel Glass & Joinery Limited * is |
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Associates |
EWS Holdco Limited The principal activity of EWS Holdco Limited is |
Exeter Window Stores Limtied The principal activity of Exeter Window Stores Limtied is |
Aggregate financial information of associates
2024 |
2023 |
|
Group's accumulated share of profit in associates |
617,901 |
69,067 |
Stocks |
2024 |
Group |
2024 |
Company |
|
Stocks |
|
|
- |
- |
Debtors |
Note |
2024 |
(As restated) |
2024 |
Company |
|
Trade debtors |
|
|
- |
- |
|
Amounts due from group undertakings |
|
|
- |
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Amounts recoverable on contracts |
|
|
- |
- |
|
|
|
- |
- |
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Trade creditors |
|
|
- |
- |
|
Payments on account |
|
|
- |
- |
|
Corporation tax |
165,424 |
429,397 |
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accrued expenses |
|
|
- |
- |
|
|
|
- |
- |
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Provisions for liabilities |
Group
Warranties |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 2024 |
|
|
|
|
Analysis of changes in net debt |
Group
|
At 1 April 2023 |
Cash flow |
Other non cash changes |
At 31 March 2024 |
|
£ |
£ |
£ |
£ |
|
Cash at bank and on hand |
4,031,768 |
832,658 |
- |
4,864,426 |
Cash and cash equivalents |
4,031,768 |
832,658 |
- |
4,864,426 |
Redeemable preference shares |
- |
- |
- |
- |
Net debt |
4,031,768 |
832,658 |
- |
4,864,426 |
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
6 |
|
6 |
|
|
6 |
|
6 |
|
|
104 |
|
104 |
|
|
615,384 |
|
615,384 |
|
|
|
|
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £Nil (2023 - £ |
- |
|
||
Interim dividend of £Nil (2023 - £ |
- |
|
||
Interim dividend of £ |
|
- |
||
Interim dividend of £Nil per each |
|
|
||
|
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Related party transactions |
Group
2024 |
At 1 April 2023 |
Repayments by director |
Transfers |
At 31 March 2024 |
Mr S Oakes |
||||
Unsecured, repayable on demand and interest free loan account |
- |
- |
2,396 |
|
Unsecured, repayable on demand 2 - 2.25% loan account |
( |
|
(2,396) |
- |
(32,693) |
35,088 |
- |
2,396 |
|
Mr G W Jones |
||||
Unsecured, repayable on demand and interest free loan account |
|
- |
- |
|
Unsecured, 2 - 2.25% repayable on demand loan account |
- |
- |
- |
- |
50 |
- |
- |
50 |
|
Mr A Oakes |
||||
Unsecured, repayable on demand and interest free loan account |
- |
|
- |
|
Unsecured, 2 - 2.25% repayable on demand loan account |
- |
- |
- |
- |
- |
3 |
- |
3 |
|
Mr M Oakes |
||||
Unsecured, repayable on demand and interest free loan account |
- |
|
- |
|
Unsecured, 2 - 2.25% repayable on demand loan account |
- |
- |
- |
- |
- |
3 |
- |
3 |
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
Mr S Oakes |
||||
Unsecured, repayable on demand and interest free loan account |
|
( |
- |
- |
Unsecured, repayable on demand 2 - 2.25% loan account |
- |
( |
|
( |
80 |
(835,260) |
802,487 |
(32,693) |
|
Mr G W Jones |
||||
Unsecured, repayable on demand and interest free loan account |
|
- |
|
|
48 |
- |
2 |
50 |
|
Summary of transactions with entities with joint control or significant interest
Summary of transactions with all associates
Income and receivables from related parties
2024 |
Entities with significant influence |
Associates |
Key management |
Sale of goods |
|
|
- |
Amounts receivable from related party |
|
- |
- |
|
2023 |
Entities with significant influence |
Associates |
Key management |
Sale of goods |
|
|
|
Amounts receivable from related party |
|
- |
- |
|
Camel Glass & Joinery (Holdings) Limited
Notes to the Financial Statements
Year Ended 31 March 2024
Expenditure with and payables to related parties
2024 |
Entities with significant influence |
Associates |
Key management |
Purchase of goods |
( |
- |
- |
Amounts payable to related party |
|
- |
- |
|
2023 |
Entities with significant influence |
Associates |
Key management |
Purchase of goods |
|
- |
- |
Rendering of services |
- |
- |
|
|
- |
|
|
Amounts payable to related party |
|
- |
|
|
Loans to related parties
2024 |
Associates |
At start of period |
|
Repaid |
( |
At end of period |
|
|
2023 |
Associates |
Advanced |
|
At end of period |
|
|
Terms of loans to related parties
Parent and ultimate parent undertaking |
The ultimate controlling party during the year was