Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
COMPANY INFORMATION
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MB GLASS SUPPLIES LTD.
CONTENTS
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MB GLASS SUPPLIES LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents his strategic report for the year ended 31 March 2024.
The primary activity of the Company is of supply and installation of architectural aluminium.
During the financial year, market conditions stabilised in terms of material cost fluctuations and availability, and have maintained stable for the last 6 months or so. Feedback from our key supply chain is that other than normal inflationary increases, materials are due to remain stable for the forthcoming financial year. We have continued securing repeat business during the year with our key clients who appear to very buoyant about future workload. All sectors within which we operate appear to be busy, both onsite and at tender stage so we have good sector coverage. Turnover was slightly less than previous year but in line with expectations. The business overall performed well during the financial and in line with expectations, and we have secured a healthy pipeline of work transitioning into the next financial year.
The company recognises the uncertainty in the market and potential downturn in workload, however, whilst there appears to be some uncertainty in the private sector market due to the increase in interest rates, our future pipeline of works appears to be well balanced with both public and private sector financed projects and we therefore do not envisage any notable downturn in our workload. We see a potential increase during the next financial year in our public sector workload whilst the private sector interest rates hopefully stabilise.
Pricing The Company is exposed to fluctuations in market prices of raw materials. This position is regularly monitored but we have a wide range of suppliers so we can mitigate some of this risk. Credit risk The company assesses all customers prior to conducting business. Customers who require credit accounts must first pass our credit checks and must adhere to our terms and conditions of sale. Trade debtor balances are continuously monitored to minimise our exposure to credit risk.
The directors have monitored the progress of overall strategy and individual strategic elements by reference to the following key performance indicators:
∙Turnover for the year amounted to £9,437,543 (2023: £10,039,486)
∙Gross profit margin was 18.2% (2023: 24.7%)
∙Operating profit for the year was £354,313 (2023: £855,153)
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MB GLASS SUPPLIES LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
This report was approved by the board on 14 February 2025 and signed on its behalf.
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MB GLASS SUPPLIES LTD.
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents his report and the financial statements for the year ended 31 March 2024.
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £241,459 (2023 - £675,428).
During the year, the company paid a dividend of £262,035 (2023 - £213,826).
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MB GLASS SUPPLIES LTD.
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Subsequent to the year end on 5 November 2024, a property was legally transferred out of the entity to its parent undertaking for £1,000,000. The property is now owned by Layke Holdings Limited and will be used by the Group. A formal lease agreement has been signed between the two entities post year end for a market rate rent.
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MB GLASS SUPPLIES LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD.
We have audited the financial statements of MB Glass Supplies Ltd. (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw your attention to note 24 of the financial statements which explains that the company has legally transferred its property to its parent undertaking subsequent to the year end.
Our opinion has not been modified in respect of this matter.
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 financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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MB GLASS SUPPLIES LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD. (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's Report.
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MB GLASS SUPPLIES LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD. (CONTINUED)
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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙through discussions with the directors and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the Company; and
∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙considered journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims;
∙considered relationship with HMRC, relevant regulators and the Company’s legal advisors; and
∙review of legal and professional fees and of incident log for evidence of litigation.
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MB GLASS SUPPLIES LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MB GLASS SUPPLIES LTD. (CONTINUED)
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 at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
2 Ashgate Road
Derbyshire
S40 4AA
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MB GLASS SUPPLIES LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
REGISTERED NUMBER: 02442929
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 25 form part of these financial statements.
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MB GLASS SUPPLIES LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MB Glass Supplies Ltd. is a private company limited by shares, incorporated in England and Wales (registered number: 02442929). Its registered office is McGregors Way, Turnoaks Business Park, Hasland, Chesterfield, Derbyshire, S40 2WB. The principal activity of the Company throughout the year continued to be that of the supply and installation of architectural aluminium.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentation currency is pounds sterling.
The company, being a member of a group which prepares publicly available consolidated financial statements, has taken advantage of the exemption granted in FRS 102 not to present a cash flow statement and certain information about financial instruments. The consolidated financial statements in which this company's accounts are included are those of Layke Holdings Limited and they may be obtained from it's registered office at McGregors Way, Turnoaks Business Park, Hasland, Chesterfield, Derbyshire, S40 2WB.
The following principal accounting policies have been applied:
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. (i) Work in progress valuation Management make estimates regarding the value of work in progress related to contracts. Such estimates are based on the stage of completion of a particular contract and managements knowledge and past experience of the contracts and industry in general. The amount relating to such estimates is £397,200 (2023: £457,175) and is included within stock. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade debtors. When assessing the 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. The amount of trade debtors (including amounts recoverable on contracts) after making such provision was £2,250,731 (2023: £1,639,109). (iii) Stock provisioning The company makes an estimate of the recoverable value of stock of finished goods and goods for resale. When assessing impairment of stock, management considers factors such as market conditions, ageing profile of stock and historical experience. The amount of stock after making such a provision was £42,967 (2023: £94,980).
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Revaluation reserve
Profit and loss account
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MB GLASS SUPPLIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,848 (2023: £44,891). Contributions totalling £10,514 (2023: £7,734) were payable to the fund at the balance sheet date and are included in creditors.
The immediate parent company of MB Glass Supplies Ltd. is M B Glass Holdings Limited. The ultimate parent company is Layke Holdings Limited. The results for MB Glass Supplies Ltd. and M B Glass Holdings Limited are consolidated into the group accounts of Layke Holdings Limited. Copies of the financial statements of Layke Holdings Limited can be obtained from Companies House.
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