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Registered number: 00467720
Ecoglass Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 April 2024
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—8
Statement of Income and Retained Earnings 9
Balance Sheet 10—11
Notes to the Financial Statements 12—25
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 April 2024.
Principal Activity
The principal activity of the company is the manufacture and supply of glass units.
Review of the Business
The company is an independent glass manufacturer which has experienced growth over recent years to become a market leader in the manufacture and supply of insulating glass units, toughened glass, laminated glass and glass processing. 
The year to 30 April 2024 has been as a year of investment for the company investing nearly £1.5 million in plant and machinery as we continue to invest in the highest quality machinery to ensure we stay at the forefront of technology and changes in the industry. This significant investment means we are very well placed for the future. 
From a trading perspective, the year was another successful year, albeit profitability levels before tax of £337,022 were less than those achieved in recent years. This is in line with market pressures as like so many businesses, we faced increased cost pressure and gross profit margins were challenged as inflation levels and interest rates nationally stayed high. Whilst these pressures remain, the Directors are confident of the order book and level of new business achievable in the current 2025 year.
The Company’s balance sheet decreased from £2.78 million to £2.43 million.
Financial Metrics
2024
2023
£
£
Turnover
£8,566,147
£9,041,063
EBITDA
£626,709
£1,720,283
Principal Risks and Uncertainties
The company operates in a very competitive market where the large number of competitors creates a downward pressure on margins. The high quality of outputs and near non-existent query or complaint rate gives the company a stable foundation in the market but constant review of costs is necessary to maintain a healthy level of profit. 
Being closely linked to the housing and construction industry,  which has proved volatile in recent years,  is an uncertainty on future trading and performance but one which the Directors manage through close day-to-day running of the Company which involves regular review of the principal risks. 
The principal risk to the Company is securing a reliable supply of glass. The Company have a good relationship with their main supplier of glass to mitigate supplier risk in this area. The Company has seen a rise in inflationary pressure and cost increases in a number of areas, including energy and labour – the Directors continue to closely monitor and review this on a regular basis.
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Future Developments
We have a number of initiatives contained within our commercial plan to counteract a challenging marketplace this year.  Within this plan,  we will be introducing a number of independent revenue streams, away from our commodity product range,  that will differentiate us from our competitors and create opportunities in a value-added market, serviced by our high-end clients who operate in affluent markets.  
We have a strong growth target for new business development that largely focuses on existing service areas and prioritises the local market to minimise the cost to serve, whilst maximising our customer service levels. This priority of a strong local presence also fits in with our core message of being more sustainable by reducing our carbon footprint. To help demonstrate this, we will continue to expand and promote our forestation policy that further enhances our green credentials.  
We will also be increasing our marketing presence to increase our profile amongst the wider fenestration industry. Our marketing strategy, which runs alongside our commercial plan, will be staged in milestone events that not only raise our profile but will start to enhance our position as market leaders who actually drive the changes in buying behaviour to a more value-added mix.
On behalf of the board
Mrs G Mendham
Director
23/01/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 30 April 2024.
Dividends
The value of dividends paid amounted to £469,600 (2023: £567,347) following the directors recommending a final dividend of £469,600 . (2023: £567,347)
Directors
The directors who held office during the year were as follows:
Mr C Sturdy
Mr R Middleton
Mr R Middleton
Mrs G Mendham
Mr J Mendham
Qualifying Third-party and Pension Scheme Indemnity Provision
The Company has maintained throughout the year directors' liability insurance for the benefit of the directors and officers of the Company.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
These matters include the principal activity of the company and information regarding the future developments of the company.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Larking Gowen LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mrs G Mendham
Director
23/01/2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Ecoglass Limited for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 April 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's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
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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 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 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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 3, 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.
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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. 
Due to the field in which the company operates, we identified the following areas as those most likely to have a material impact on the financial statements: compliance with UK accounting standards, UK tax legislation and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the Company's ability to operate, including employment law, GDPR and health and safety regulations. 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,  including fraud and non-compliance with laws and regulations, included the following: 
  • Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, potential litigation and fraud; 
  • Reviewing legal and professional fees to confirm all matters where the Company engaged lawyers during the year;
  • Reviewing board minutes and any relevant correspondence with external authorities;
  • Reviewing financial statement disclosures and testing to supporting documentation to assess 
  • Challenging assumptions and judgements made by management in their significant accounting  estimatescompliance with applicable laws and regulations; 
  • Auditing 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.  
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The financial statements of Ecoglass Limited for the year ended 30 April 2023 were not audited and as such the corresponding amounts in the financial statements have not been audited.
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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 that 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.
Charles Savory FCA (Senior Statutory Auditor)
for and on behalf of Larking Gowen LLP , Statutory Auditor
23/01/2025
Larking Gowen LLP
1st Floor, Prospect House
Rouen Road
Norwich
Norfolk
NR1 1RE
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Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 4 8,566,147 9,041,063
Cost of sales (5,662,118 ) (5,257,908 )
GROSS PROFIT 2,904,029 3,783,155
Administrative expenses (2,552,073 ) (2,309,536 )
Other operating income 25,413 42,571
OPERATING PROFIT 6 377,369 1,516,190
Loss on disposal of fixed assets (1,261 ) -
Other interest receivable and similar income 11 13,629 6,790
Interest payable and similar charges 12 (52,715 ) (41,223 )
PROFIT BEFORE TAXATION 337,022 1,481,757
Tax on Profit 13 (217,737 ) (297,384 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 119,285 1,184,373
RETAINED EARNINGS
As at 1 May 2023 2,775,957 2,158,931
Dividends paid (469,600) (567,347)
As at 30 April 2024 2,425,642 2,775,957
The notes on pages 12 to 25 form part of these financial statements.
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Balance Sheet
Registered number: 00467720
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 3,049,836 1,762,279
3,049,836 1,762,279
CURRENT ASSETS
Stocks 15 309,255 281,444
Debtors 16 1,951,297 1,507,256
Cash at bank and in hand 563,265 2,047,387
2,823,817 3,836,087
Creditors: Amounts Falling Due Within One Year 17 (1,367,369 ) (1,670,229 )
NET CURRENT ASSETS (LIABILITIES) 1,456,448 2,165,858
TOTAL ASSETS LESS CURRENT LIABILITIES 4,506,284 3,928,137
Creditors: Amounts Falling Due After More Than One Year 18 (1,029,952 ) (423,572 )
PROVISIONS FOR LIABILITIES
Dilapidations Provision 22 (283,220 ) (295,000 )
Deferred Taxation 21 (762,110 ) (428,248 )
NET ASSETS 2,431,002 2,781,317
CAPITAL AND RESERVES
Called up share capital 23 3,570 3,570
Capital redemption reserve 1,790 1,790
Profit and Loss Account 2,425,642 2,775,957
SHAREHOLDERS' FUNDS 2,431,002 2,781,317
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On behalf of the board
Mrs G Mendham
Director
23/01/2025
The notes on pages 12 to 25 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ecoglass Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00467720 . The registered office is Weston House, Weston Road, Norwich, Norfolk, NR3 3WG.
2. Statement of Compliance
The 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
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.  The financial statements are prepared in sterling which is the functional currency of the company. The total for each category of income, expense, asset and liability have been rounded to the nearest whole pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Group's accounting policies (see note 3.4) 
3.2. 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 and Section 3 Financial Statement Presentation paragraph 3.17 (d);
  • the requirements of Section 11 Financial Instruments 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 Section 12 Other Financial Instruments Issues paragraphs 12.26 to 12.27, 12.29 (a), 12.29 (b) and 12.29A.;
The information is included in the consolidated financial statements of Ecoglass Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House At Companies House, Crown Way, Cardiff, CF14 3UZ. 
3.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The business has made a profit in the financial period,  and has a healthy working capital position, and is therefore expected to continue trading for the foreseeable future.
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3.4. Significant judgements and estimations
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make judgement as to the application of accounting standards to the recognition and presentation of material transactions, assets and liabilities.
Estimations are based on management's best evaluation of a range of assumptions, however events or actions may mean that actual results ulitmately differ from those estimates and these differences may be material. The estimates and the underlying assumptions are reviewed regularly.
The items in the financial statements where these judgements and estimates have been made include: 
Depreciation of tangible assets - The Company makes an estimate of the useful economic life of assets and depreciates them at an appropriate rate to recognise the reducing value of the assets over time. The judgements are based on assumptions from the manufacturers of the assets and historical experience of using similar assets within the business.
Provision for warranties - The Company has recognised a provision for warranty costs in its financial statements which require management to make judgements. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.
Provision for dilapidations - The Company leases properties which require any dilapidations at the end of the lease to be made good. Management have estimated a provision based on the condition of the properties, previous experience and market indicies.
Provision for bad debts - The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors and associated impairment provision.
3.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
3.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Improvements 7% straight line
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% reducing balance
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3.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
3.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.10. Financial Instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of profit or loss, with exception of hedging instruments in a designated hedging relationship.
The company only enters into basic financial instruments.
3.11. Interest Receivable
Interest income is recognised in the statement of profit or loss using the effective interest method.
3.12. Interest Payable
Interest payable is recognised in the statement of profit or loss using the effective interest method.
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3.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.14. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote
3.15. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3.16. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.17. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
3.18. Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3.19. Dividends
Dividends are determined at board meetings and are declared by the board as and when they feel necessary.
4. Turnover
Turnover is in relation to sales of glass units and is shown net of value added tax. Turnover is earned solely from sales within the United Kingdom and is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. 
5. Other Operating Income
2024 2023
£ £
Grant income - 9,598
Other operating income 25,413 32,973
25,413 42,571
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6. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 14,019 (5,035)
Operating lease rentals 140,561 138,205
Depreciation of tangible fixed assets 250,601 204,093
7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 13,750 -
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,527,978 2,197,261
Social security costs 237,715 211,128
Other pension costs 198,590 147,265
2,964,283 2,555,654
9. Average Number of Employees
Average number of employees, including directors, during the year was: 90 (2023: 87)
90 87
10. Directors' remuneration
2024 2023
£ £
Emoluments 87,392 83,157
Company contributions to money purchase pension schemes 146,722 98,254
234,114 181,411
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 5 5
The directors of the Company are considered to be the Company's key management personnel.
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11. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 13,629 6,790
12. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 18,309 16,849
Finance charges payable under finance leases and hire purchase contracts 33,808 21,888
Other finance charges 598 2,486
52,715 41,223
13. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.5% (116,125 ) 281,826
Deferred Tax
Deferred taxation 333,862 15,558
Total tax charge for the period 217,737 297,384
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 337,022 1,481,757
Tax on profit at 25% (UK standard rate) 81,687 288,841
Goodwill/depreciation not allowed for tax 62,650 39,784
Expenses not deductible for tax purposes 8,850 4,236
Tax losses utilised 24,380 -
Capital allowances (393,066 ) (51,035 )
...CONTINUED
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Short term timing differences 333,862 15,558
Prior period adjustment 51,905 -
Difference in tax rates 47,469 -
Total tax charge for the period 217,737 297,384
Factors that may effect future tax changes
There are currently no factors of note that may effect future tax changes.
14. Tangible Assets
Land & Property
Leasehold Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 May 2023 215,059 3,807,992 417,256 187,303 4,627,610
Additions - 1,491,869 31,480 16,070 1,539,419
Disposals - - (30,740 ) - (30,740 )
As at 30 April 2024 215,059 5,299,861 417,996 203,373 6,136,289
Depreciation
As at 1 May 2023 117,444 2,341,506 278,861 127,520 2,865,331
Provided during the period 15,054 189,775 38,855 6,917 250,601
Disposals - - (29,479 ) - (29,479 )
As at 30 April 2024 132,498 2,531,281 288,237 134,437 3,086,453
Net Book Value
As at 30 April 2024 82,561 2,768,580 129,759 68,936 3,049,836
As at 1 May 2023 97,615 1,466,486 138,395 59,783 1,762,279
A cross guarantee dated 04 August 2017 is held by the Company's bankers between Ecoglass Holdings Limited and Ecoglass Limited in respect of the Group's Borrowings. The Company's bank loan is secured against its fixed assets.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 1,685,639 523,601
Motor Vehicles 29,216 38,956
1,714,855 562,557
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15. Stocks
2024 2023
£ £
Materials 285,894 265,761
Work in progress 23,361 15,683
309,255 281,444
16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,054,554 1,222,350
Prepayments and accrued income 167,219 270,082
Other debtors 32,207 14,824
Corporation tax recoverable assets 168,030 -
Amounts owed by group undertakings 529,287 -
1,951,297 1,507,256
Trade debtors is stated net of a bad debt provision of £7,692 (2023: £8,681)
17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 338,569 168,406
Trade creditors 517,168 618,019
Bank loans and overdrafts 70,000 70,000
Corporation tax - 281,826
Other taxation and social security 233,346 249,948
Other creditors 35,442 16,669
Accruals and deferred income 172,844 154,521
Amounts owed to group undertakings - 110,840
1,367,369 1,670,229
18. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 948,285 271,905
Bank loans 81,667 151,667
1,029,952 423,572
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19. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 70,000 70,000
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 81,667 151,667
The bank loan is secured by way of a fixed and floating charge against the company assets and is repayable by monthly instalments of £5,833.33 plus interest charged at a rate of 3.99% above the Bank of England base rate with the final repayment being due in June 2026.
20. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 338,569 168,406
Later than one year and not later than five years 948,285 271,905
1,286,854 440,311
1,286,854 440,311
The above amounts are shown net of interest. The total interest to be charged on the above amount totals £164,702 (2023: £179,798)
The above amounts are secured against the assets to which they relate.
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21. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 762,110 428,248
Other timing differences are made up as follows:
2024
2023
£
£
Deferred tax on written down values of fixed assets
699,049
365,187
Deferred tax on capital gains rolled over
63,061
63,061
image
image
762,110
image
428,248
image
22. Provisions for Liabilities
Deferred Tax Other Provisions Total
£ £ £
As at 1 May 2023 428,248 295,000 723,248
Additions 333,862 - 333,862
Utilised - (11,780 ) (11,780)
Balance at 30 April 2024 762,110 283,220 1,045,330
 Other provisions relates to a provision made for dilapidations.
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23. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,637 Ordinary A shares of £ 1 each 1,637 1,637
1,143 Ordinary B shares of £ 1 each 1,143 1,143
110 Ordinary C shares of £ 1 each 110 110
160 Ordinary D shares of £ 1 each 160 160
160 Ordinary E shares of £ 1 each 160 160
160 Ordinary F shares of £ 1 each 160 160
3,370 3,370
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
100 Preference A shares of £ 1 each 100 100
100 Preference B shares of £ 1 each 100 100
200 200
Share Rights
Ordinary A, Ordinary B, Ordinary C, Ordinary D and Ordinary E shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. These shares will rank pari passu in all respects including voting rights other than rights to dividends. Dividends payable will be determined by the board of directors of the company from time to time. 
Ordinary F shares are non-voting shares which carry rights to receive dividends as determined by the board of directors. Ordinary F shares can be re-purchased at par value on the provision of the holder of such shares ceasing to be employed by the company for whatever reason.
Preference A and Preference B shares are non-voting preference shares with no right to transfer without prior director approval. These shares do not entitle the shareholder to participate in surplus assets upon winding up and each class of preference share is entitled to separate dividends decided by the directors.
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24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 148,662 138,205
Later than one year and not later than five years 331,998 405,728
Later than five years 39,375 60,375
520,035 604,308
25. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £198,590 (2023: £147,265).
At the balance sheet date contributions of £NIL (2023: £5,352) were due to the fund and are included in creditors.
26. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 469,600 567,347
27. Reserves
Profit and loss reserve
The profit and loss account represents cumulative profits or losses net of dividends paid.
Capital redemption reserve
The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.
28. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
Included in debtors at the year end is a balance of £18,359 (2023: £Nil) owed to the company by a director.
Included in creditors at the year end is a balance of £34,761 (2023: £11,079) owed to the directors by the company.
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29. Controlling Parties
The company's immediate parent undertaking is Ecoglass Holdings Limited .
The ultimate parent undertaking is (incorporated in England & Wales). Its registered office is Weston House, Weston Road, Norwich, England, NR3 3WG .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party are the directors of Ecoglass Holdings Limited by virtue of their interest in the share capital of the holding company.
30. Cash
2024
2023
£
£
Cash at bank
563,265
2,047,387
image
image
563,265
image
2,047,387
image
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