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Camel Glass & Joinery Limited

Annual Report and Financial Statements
Year Ended 31 March 2024

Registration number: 02432225

 

Camel Glass & Joinery Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11 to 26

 

Camel Glass & Joinery Limited

Company Information

Directors

Mr M Jones

Mr T G Jones

Mr A Oakes

Mr M Oakes

Company secretary

Mr S Oakes

Registered office

Palmers Way
Trenant Industrial Estate
Wadebridge
Cornwall
PL27 6HB

Auditors

PKF Francis Clark
Statutory Auditor
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

 

Camel Glass & Joinery Limited

Strategic Report for the 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 company is that of 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 interest receivable increased by £76,095 which mitigated the decrese in turnover and resulted in profit before tax decreasing to £1,580,126 (2023 - £2,260,544).

The company'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 company.

Principal risks and uncertainties

The principal risks for the company continue to be that of an economic downturn and a contraction of the construction industry.

Approved by the Board on 21 October 2024 and signed on its behalf by:

.........................................
Mr M Jones
Director

   
     
 

Camel Glass & Joinery Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr G W Jones (ceased 31 May 2023)

Mr S Oakes (ceased 31 May 2023)

Mr M Jones (appointed 31 May 2023)

Mr T G Jones (appointed 31 May 2023)

Mr A Oakes (appointed 31 May 2023)

Mr M Oakes (appointed 31 May 2023)

Financial risk management objectives and policies

The Company 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 auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Mr M Jones
Director

 

Camel Glass & Joinery 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 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom 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 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.

 

Camel Glass & Joinery Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery Limited

Opinion

We have audited the financial statements of Camel Glass & Joinery Limited (the 'company') for the year ended 31 March 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 31 March 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 auditor 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 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 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.

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.

 

Camel Glass & Joinery Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery Limited

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, 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 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 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.

Auditor 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:

 

Camel Glass & Joinery Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery Limited

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.

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.

 

Camel Glass & Joinery Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery 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 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.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

21 October 2024

 

Camel Glass & Joinery Limited

Statement of Income and Retained Earnings

Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

15,144,214

15,925,712

Cost of sales

 

(11,189,070)

(11,202,228)

Gross profit

 

3,955,144

4,723,484

Administrative expenses

 

(2,525,956)

(2,552,794)

Other operating income

4

37,706

52,717

Operating profit

6

1,466,894

2,223,407

Other interest receivable and similar income

10

113,232

37,137

Profit before tax

 

1,580,126

2,260,544

Taxation

11

(395,528)

(422,896)

Profit for the financial year

 

1,184,598

1,837,648

Retained earnings brought forward

 

4,620,907

3,787,885

Dividends paid

 

(22,150)

(1,004,626)

Retained earnings carried forward

 

5,783,355

4,620,907

 

Camel Glass & Joinery Limited

Balance Sheet

31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

12

641,405

378,343

Investments

13

48

48

 

641,453

378,391

Current assets

 

Stocks

14

480,757

619,479

Debtors

15

3,293,192

4,260,102

Cash at bank and in hand

 

4,864,426

4,031,768

 

8,638,375

8,911,349

Creditors: Amounts falling due within one year

16

(2,932,866)

(4,142,123)

Net current assets

 

5,705,509

4,769,226

Total assets less current liabilities

 

6,346,962

5,147,617

Provisions for liabilities

19

(563,503)

(526,606)

Net assets

 

5,783,459

4,621,011

Capital and reserves

 

Called up share capital

104

104

Profit and loss account

5,783,355

4,620,907

Shareholders' funds

 

5,783,459

4,621,011

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Mr M Jones
Director

   
     

Company Registration Number: 02432225

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Palmers Way
Trenant Industrial Estate
Wadebridge
Cornwall
PL27 6HB

These financial statements were authorised for issue by the Board on 21 October 2024.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements were prepared using the historical cost convention.

Summary of disclosure exemptions

FRS 102 grants a qualifying entity exemptions from the full requirements of FRS102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.

The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its ultimate parent company, Camel Glass & Joinery (Holdings) Limited, included the company's cash flows in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Camel Glass & Joinery (Holdings) Limited group.

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

Prior period errors

The acquisition of EWS Holdco Limited in the prior year was accounted for incorrectly. The amount paid to EWS Holdco was repayable. A prior period adjustment is required to ensure the transaction is presented correctly and the accounts are materially correct.

The table below illustrates the increase/(decrease) in each financial statement line:

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Investments

-

(1,461,357)

Debtors

-

1,461,357

   

Judgements and key sources of estimation uncertainty

In the application of the Company’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 company 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 £476,520.

Amounts recoverable on contracts and deferred payments on account

The Company 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 Company 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.

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

Turnover and contract accounting

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.

Government grants

Government grants are recognised as income when they are receivable and all of the performance conditions imposed by the grant have been met, usually on submission of a valid claim for payment, in accordance with the performance model.

Until such time as the performance conditions are met, government grants are recorded as deferred income on the balance sheet.

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 is stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.

 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

15,144,214

15,925,712

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

15,144,214

15,925,712

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

2,919

34,250

Miscellaneous other operating income

34,787

18,467

37,706

52,717

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

8,080

21,422

6

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Auditor's remuneration

7,500

7,500

Operating lease expense - property

209,589

168,451

Depreciation expense

162,878

143,640

Profit on disposal of property, plant and equipment

(8,080)

(21,422)

7

Employees

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,952,168

3,895,634

Social security costs

372,131

373,732

Pension costs, defined contribution scheme

179,339

157,161

Other employee expense

16,114

10,203

4,519,752

4,436,730

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

2024
No.

2023
No.

Production, administration and support

133

137

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration (including benefits in kind)

55,642

123,230

Contributions paid to money purchase schemes

81,220

82,642

136,862

205,872

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

2

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

7,500

7,500


 

10

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

113,232

37,137

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

11

Taxation

Tax charged in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

375,567

429,397

Deferred taxation

Arising from origination and reversal of timing differences

19,961

(6,501)

Tax expense in the income statement

395,528

422,896

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,580,126

2,260,544

Corporation tax at standard rate

395,032

429,503

Effect of expense not deductible in determining taxable profit (tax loss)

496

234

Deferred tax credit relating to changes in tax rates or laws

-

(1,560)

Decrease from effect of tax incentives

-

(5,281)

Total tax charge

395,528

422,896

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Timing differences

86,983

86,983

2023

Liability
£

Timing differences

67,022

67,022

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

12

Tangible assets

Leasehold Property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost

At 1 April 2023

81,743

146,070

772,979

463,207

1,463,999

Additions

232,209

29,063

96,955

67,713

425,940

Disposals

-

-

(33,052)

(30,615)

(63,667)

At 31 March 2024

313,952

175,133

836,882

500,305

1,826,272

Depreciation

At 1 April 2023

29,452

123,289

498,194

434,721

1,085,656

Charge for the year

25,156

10,237

104,968

22,517

162,878

Eliminated on disposal

-

-

(33,052)

(30,615)

(63,667)

At 31 March 2024

54,608

133,526

570,110

426,623

1,184,867

Carrying amount

At 31 March 2024

259,344

41,607

266,772

73,682

641,405

At 31 March 2023

52,291

22,781

274,785

28,486

378,343

13

Investments in subsidiaries, joint ventures and associates

2024
£

(As restated)

2023
£

Investments in associates

48

48

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

Associates

£

Cost

At 1 April 2023

48

At 31 March 2024

48

Provision

At 1 April 2023

-

At 31 March 2024

-

Carrying amount

At 31 March 2024

48

At 31 March 2023

48

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Associates

EWS Holdco Limited*
Francis Clark LLP
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

United Kingdom

Ordinary

48.3%

48.3%

Exeter Window Stores Limtied
Camel Glass & Joinery Limited
Palmers Way
Trenant Industrial Estate
Wadebridge
Cornwall
PL27 6HB

United Kingdom

Ordinary

48.3%

48.3%

* indicates direct investment of the company

Associate undertakings

The principal activity of EWS Holdco Limited is that of a Holding company.

The principal activity of Exeter Window Stores Limited is glass and window supplies.

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

14

Stocks

2024
 £

2023
 £

Stocks

480,757

619,479

15

Debtors

Note

2024
£

(As restated)

2023
£

Trade debtors

 

1,178,745

1,247,587

Amounts owed by related parties

22

1,026,657

1,461,357

Other debtors

 

52,490

111,829

Prepayments

 

122,771

149,285

Amounts recoverable on contracts

 

912,529

1,290,044

 

3,293,192

4,260,102

16

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

690,272

814,994

Payments on account

1,535,871

2,463,412

Corporation tax

165,424

429,397

Social security and other taxes

317,255

238,762

Outstanding defined contribution pension costs

14,630

13,886

Other creditors

178,989

134,904

Accruals and deferred income

30,425

46,768

2,932,866

4,142,123

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

17

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

174,414

140,175

Later than one year and not later than five years

479,000

438,800

Later than five years

1,089,333

811,092

1,742,747

1,390,067

The amount of non-cancellable operating lease payments recognised as an expense during the year was £209,589 (2023 - £168,451).

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £179,339 (2023 - £157,161).

Contributions totalling £14,630 (2023 - £13,886) were payable to the scheme at the end of the year and are included in creditors.

19

Provisions for liabilities

Warranties
£

Deferred tax
£

Total
£

At 1 April 2023

459,584

67,022

526,606

Increase (decrease) in existing provisions

16,936

19,961

36,897

At 31 March 2024

476,520

86,983

563,503

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

20

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

Ordinary C shares of £1 each

1

1

1

1

Ordinary D shares of £1 each

1

1

1

1

 

104

104

104

104

21

Dividends

 

2024

2023

 

£

£

Interim dividend of £222.00 (2023 - £10,046.00) per ordinary share

22,150

1,004,626

     
 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

22

Related party transactions

Transactions with directors

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

2,396

2 - 2.25% unsecured and repayable on demand loan account

(32,693)

35,088

(2,396)

-

 

(32,693)

35,088

-

2,396

Mr G W Jones

Unsecured, repayable on demand and interest free loan account

50

-

-

50

2 - 2.25% unsecured and repayable on demand loan account

-

-

-

-

 

50

-

-

50

Mr A Oakes

Unsecured, repayable on demand and interest free loan account

-

3

-

3

2 - 2.25% unsecured and repayable on demand loan account

-

-

-

-

 

-

3

-

3

Mr M Oakes

Unsecured, repayable on demand and interest free loan account

-

3

-

3

2 - 2.25% unsecured and repayable on demand loan account

-

-

-

-

 

-

3

-

3

 

Camel Glass & Joinery 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

80

(80)

-

-

2 - 2.25% unsecured and repayable on demand loan account

-

(835,180)

802,487

(32,693)

 

80

(835,260)

802,487

(32,693)

       

Mr G W Jones

Unsecured, repayable on demand and interest free loan account

48

-

2

50

 

48

-

2

50

       

 

Summary of transactions with entities with joint control or significant interest

Transactions with companies related through common directorship.
 The company purchased and sold goods to the related companies during the financial year.
 

Summary of transactions with all associates

The company sold goods to the related company during the financial year.
 

Income and receivables from related parties

2024

Entities with significant influence
£

Associates
£

Key management
£

Sale of goods

75,778

45,756

-

Amounts receivable from related party

1,320

-

-

2023

Entities with significant influence
£

Associates
£

Key management
£

Sale of goods

65,343

14,806

10,611

Amounts receivable from related party

7,712

-

-

 

Camel Glass & Joinery 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

(10,732)

-

-

Amounts payable to related party

7,352

-

-

2023

Entities with significant influence
£

Associates
£

Key management
£

Purchase of goods

117,215

-

-

Rendering of services

-

-

26,020

117,215

-

26,020

Amounts payable to related party

13,128

-

4,956

Loans to related parties

2024

Associates
£

At start of period

1,461,357

Repaid

(434,700)

At end of period

1,026,657

2023

Associates
£

Advanced

1,461,357

At end of period

1,461,357

Terms of loans to related parties

The loan is unsecured, interest free and repayable on demand.
 

 

Camel Glass & Joinery Limited

Notes to the Financial Statements

Year Ended 31 March 2024

23

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Camel Glass & Joinery (Holdings) Limited, incorporated in England and Wales.

 The ultimate controlling party during the year was the Board of Directors.

The parent of the smallest and largest group in which theses financial statements are consolidates is Camel Glass & Joinery (Holdings) Limited, incorporated in England and Wales.

The address of Camel Glass & Joinery (Holdings) Limited is:
Palmers Way
Trenant Industrial Estate
Wadebridge
Cornwall
PL27 6HB